Smiling senior couple sitting on a park bench

You’ve probably heard that people are living longer than ever. Thanks to better health care and healthier lifestyles, many of us can expect to enjoy decades of life after we stop working. That’s great news, but it also means we need to think differently about how we plan for retirement.

Imagine living to 100. It’s not just a far-fetched possibility. It’s becoming more common. In fact, according to the U.S. Census Bureau, the number of Americans reaching age 100 and older is expected to quadruple over the next 30 years. The U.S. population is also expected to trend older overall in the coming decades as life expectancies increase and the birth rate declines. That could mean your retirement could last 30 years or more. Are your savings ready for that?

This shift in life expectancy means we need to change the way we think about financial longevity. It’s not just about saving for retirement — it’s about making sure that your money lasts as long as you do. And that means planning for inflation, market changes, health care costs and the possibility of needing long-term care.

The longevity planning gap

New research from the Nationwide Retirement Institute® and The American College of Financial Services (The College) shows that while lifespans are increasing, many retirement strategies haven’t caught up. For example:

  • Extending retirement from 30 to 35 years increases the risk of running out of money by over 40%
  • If future returns are lower, as The College expects they might be, that risk could jump by more than 300%

According to The College, more than 1 in 4 healthy, higher-income men and 1 in 3 healthy women will live to age 95. For a healthy couple retiring today, there’s a 20% chance that one spouse will live beyond age 100. That’s why it’s so important to rethink how long your retirement might last and how your savings can support you through it.

People aren’t preparing financially for extended longevity

Are Americans ready for longer retirements? Not quite. The Nationwide Retirement Institute’s survey shows that:

  • 71% of people don’t want to live to 100, mostly due to health and financial worries
  • 3 in 4 fear outliving their savings
  • Less than half consider their potential lifespan when making financial decisions

This means many people are missing opportunities to build stronger, more resilient retirement plans. There’s an opportunity to build a portfolio that can better withstand inflation and economic uncertainty while generating additional savings that are designed to meet guaranteed income needs for potentially decades-long retirements.

Turning awareness into action

Even though many savers are concerned about outliving their savings, they’re not always using the tools that can help. For example, The NRI survey reveals:

Talking to a financial professional and learning about your options can help you feel more confident about your future.

What would you do if you knew you’d live longer?

Our research shows that when people understand the impact of longer lifespans, they’re more likely to take action:

  • 67% would pay closer attention to their finances and save more
  • 33% would take fewer financial risks

3 smart strategies for financial longevity

Stress test your retirement plan
Don’t assume that a 30-year retirement is enough. Try modeling for 35+ years to see how your savings hold up. This can help you adjust your strategy while you still have time.

Explore lifetime income options
Guaranteed income sources, such as annuities or lifetime income funds offered in an employer-sponsored retirement plan, may help reduce anxiety about outliving your savings. Check your employer-sponsored retirement plan for options and talk to a financial professional about annuities and other guaranteed income products that can help provide the confidence to enjoy retirement without focusing on market volatility or longevity risk.

Work with a financial professional
Living longer isn’t just about more years; it’s about more quality of life. With the right planning, you can enjoy retirement with confidence at every stage of your retirement journey, knowing your finances are built to last. Your financial professional or employer-sponsored retirement plan can help you know what resources are available to you.

Guarantees are subject to the claims-paying ability of the issuing insurance company and may involve fees, surrender charges, and other limitations. These products are not suitable for all investors. Please review product details carefully and consult a financial professional.
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