Tue, 12 March 2024 | retirement
According to a recent poll by Corebridge Financial and The Longevity Project, over half (54%) of Americans say that living to 100 is their aim. The top three benefits of living a long life are family, friends, and new experiences. According to 72% of respondents, the top three benefits of living a long life are having meaningful relationships with family and friends and having more time to explore and try new things.
Even while many desire to live to reach 100 years old, most do not anticipate delaying retirement in order to live longer; instead, the majority (40%) still intend to retire between the ages of 65 and 69, potentially spending more than three decades in retirement. While 26% think they will have to work past the age of 70, only 22% anticipate retiring between the ages of 62 and 64, and only 12% between the years of 50 and 61. Generation Z is the most hopeful group when it comes to retiring early (ages 50–61), with 17% considering this as a possibility.
"A longer life presents exciting new opportunities, but will require purposeful action and thoughtful planning," stated Bryan Pinsky, Corebridge Financial's President of Individual Retirement. "It might be difficult to strike a balance between your desired retirement age and financial circumstances. To guarantee they may live a fulfilling life without running out of money, people need to have the appropriate financial strategies and solutions.
Money Issues Associated with Longer Lives
Retirement may last more than 30 years for retirees of now and tomorrow, but concerns about money limit the possibility of living a long life. More Americans (66%) worry about running out of money than they do about dying, and these worries seem to be based on how they see and anticipate their retirement resources. Associated discoveries consist of:
Just 24% of respondents believe that the retirement income they now have from their investments will sustain them for as long as they need it—more than 30 years.
Merely 27% of respondents express great or extreme confidence in their ability to outlive their retirement funds.
Merely 36% of respondents express severe or high confidence in their capacity to handle their retirement funds in order to sustain their standard of living.
"Achieving the age of 100 is a remarkable accomplishment, but reaching that age ought to be a cause for joy instead of financial strain," stated Pinsky. "Collaborating with a financial expert to help you plan for the future you want is one of the finest ways to get started. You may better prepare for and enjoy your retirement with the assistance of that professional counsel, financial education, and lifelong income options.
Those who work with financial professionals are significantly more likely than those who don't to state that they are more prepared for retirement than they were three years ago. Those who deal with a financial professional are more likely to say this—40% against just 22% for those who don't. Additionally, people who deal with a financial advisor are more likely to report believing they will be able to retire early.
Almost three out of four respondents (72%) say they would feel more confident about having enough money to live comfortably in retirement if they had a source of guaranteed monthly income in addition to Social Security. 92% of people say securing a lifetime income is important, and 65% of them think it takes precedence over other financial goals.