08.22.23

Most Americans Don’t Know How Long an Average Retirement Lasts

by: Steve Randall

When a client talks to their financial advisor about retirement, they want to be assured that they won’t run out of money, but it’s likely they won’t know how long it needs to last. A TIAA Institute survey asked respondents how long they think a 65-year-old is likely to live, and just 35% correctly said 84 for men and 87 for women. The research found that having strong longevity literacy helps with retirement readiness. “Longevity literacy is particularly important since retirement income security inherently involves planning, saving and preparing for a period that is uncertain in length,” said Surya Kolluri, head of the TIAA Institute. “Our research clearly demonstrates a lack of longevity literacy among the vast majority of U.S. adults. Improving this can promote better retirement security and mitigate longevity risk.”

Read the full article on InvestmentNews