As more people are living into their 80s and 90s, more than one out of every two Americans has their sights set on even greater longevity. According to a survey by AIG Life & Retirement, a surprising 53% say their goal is to live to 100 years. Thirty-nine percent identify deeper family relationships as the main benefit of such a long life, 32% name seeing the world change and 17% want to remain productive.
This optimism for aging—fueled in part by medical advances and healthier lifestyles—is tempered by the financial challenges individuals may face in a retirement that could stretch 40 years or more:
- 51% of respondents are uncertain their current retirement savings plan would financially provide for a 100-year lifespan
- Only 9% are extremely confident they will have enough income throughout their retirement
- 59% fear running out of money more than they fear death
When asked to pinpoint their greatest concern about living to 100, the potential for serious health conditions (35%) topped the list, followed by burdening their family (27%) and running out of the money needed to live comfortably in retirement (25%). When considering financial concerns, generating lasting retirement income (23%) and the rising cost of healthcare (23%) tied as the most significant financial challenge Americans said they would face when planning for retirement. These challenges were followed by concerns about Social Security and Medicare (19%) and stock market volatility (19%).
For more results and commentary about the survey, click here. Savvy advisor tip: Use these statistics in your presentations to “unpack the problem” for attendees on your way to showing them that you can provide peace of mind.