You’re striving to live a long life. That’s why you eat right, exercise and visit your doctor for regular checkups.
For many Americans, that hard work is paying off. The U.S. Census Bureau reported that between 2000 and 2010 the population of people over 65 grew at a faster rate (15.1%) than that of the total U.S. population (9.7%).1
Americans who live to age 65 now have an average life expectancy of 84.2 Today’s retirees can expect to spend more years in retirement than the entire lifetime of people living a few centuries ago.3
To support these longer retirement periods, people need to accumulate more wealth while they are working. Unfortunately, according to the Boston College Center for Retirement Research, this isn’t happening.
The risk of outliving your income is known as longevity risk.
Planning for longevity
There are things you can do to plan for longevity. Just like you take time to exercise and eat right, you should take time to arrange for your future income needs.
There are financial products that can help you achieve the lifetime income you need. Talk to your investment professional about longevity risk and how to approach your specific situation.