Americans Underprepared for Longer Lifespans and Extended Retirement

As Americans enjoy longer lifespans, a significant number find themselves financially unprepared for extended retirements.

 

A recent survey reveals that nearly two-thirds of U.S. adults doubt their ability to retire between ages 65 and 70, with many planning to work indefinitely due to insufficient savings.

 

Alarmingly, 20% of adults aged 50 and above have no retirement savings, and over half worry about their financial stability in retirement.

 

Compounding the issue, 64% of retirement savers plan for a retirement lasting 20 years or less, potentially underestimating their actual needs.

 

Experts caution that underestimating retirement duration can lead to financial shortfalls, emphasizing the importance of comprehensive planning.

 

Additionally, 62% of retirees left the workforce earlier than expected, often due to health issues or job loss, further straining financial resources.

 

To address these challenges, financial advisors recommend starting retirement planning early, considering longer lifespans, and exploring guaranteed income options to ensure financial security throughout retirement.

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