New research from Corebridge Financial and The
Longevity Project finds 54% want to live to 100 with a plurality
still planning to retire by 65-69
More than half (54%) of Americans say it’s their goal to live to
100, according to a new study from Corebridge Financial and The
Longevity Project. Family, friends and new experiences are seen as
the top benefits of a very long life, with 72% of respondents
citing continued meaningful relationships with family and friends
and 65% looking for more time to explore and have new
experiences.
Despite wanting to celebrate a 100th birthday, many do not
expect to delay their retirement to fund longer lives, as a
plurality still plan to retire between ages 65-69 (40%), possibly
enjoying three-plus decades in retirement. While 26% believe they
will need to work past 70, a smaller number (22%) expect to retire
between ages 62-64, and only 12% between 50-61. When it comes to
retiring early (ages 50-61), Generation Z is the most optimistic,
with 17% seeing this as a possibility.
“A longer life presents exciting new opportunities but will
require thoughtful planning and purposeful action,” said Bryan
Pinsky, President of Individual Retirement at Corebridge Financial.
“Balancing the age you want to retire with your financial situation
can be challenging. Individuals need the right financial strategies
and solutions to help ensure they can pursue quality of life
without outliving their money.”
Financial Concerns Tied to Longer Lives
Today’s and tomorrow’s retirees could spend more than 30 years
in retirement, but the prospect of living a long life is tempered
by financial worries. Two-thirds of Americans (66%) fear running
out of money more than death, and these concerns appear to be
rooted in assessments of and expectations for their retirement
savings. Related findings include:
- Only 24% think their current retirement investments will
provide them with retirement income that lasts more than 30 years,
or as long as they need
- Only 27% are very confident or extremely confident that they
won’t outlive their retirement savings
- Only 36% are very confident or extremely confident in their
ability to manage their retirement savings to provide income for as
long as they live
“Living to 100 is an incredible milestone, but getting there
should be cause for celebration rather than a source of financial
stress,” said Pinsky. “One of the best ways to take action is to
work with a financial professional to help prepare for the future
you are envisioning. That professional guidance, along with
financial education and lifetime income solutions, can help you
plan for and enjoy your retirement.”
Individuals who work with financial professionals are much more
likely to say their retirement readiness has increased from three
years ago, with 40% for individuals who have a financial
professional, compared to just 22% for those without. Further,
those who work with a financial professional are more likely to say
they expect to be able to retire at an earlier age.
Nearly three in four respondents (72%) say having a source of
guaranteed monthly income beyond Social Security would make them
feel more confident about having enough money to live comfortably
throughout retirement. Securing lifetime income is a priority for
92%, with 65% saying it outweighs other financial priorities.
Employers Can Play a Key Role
The “Funding Longer Lives” white paper from Corebridge Financial
and The Longevity Project outlines action steps that individuals
can take through their workplace to help prepare for longevity.
That can include refreshing their skillset, contributing to
retirement savings plans, taking advantage of retirement education
and engagement programs, and, in some cases, accessing financial
professionals.
“Regardless of how long an individual decides to work, they
should take full advantage of the financial planning opportunities
available through their employer,” said Ken Stern, Founder and
Chair of The Longevity Project. “At the same time, there are
opportunities for flexible work, job sharing and even second-act
careers, all of which can help fund longer lives with the added
benefit of helping people stay engaged and energized for many more
years.”
Helping People Take Action
Last summer, Corebridge launched its Action Planner Series for
individuals and financial professionals. The ongoing series
provides educational resources, tools and insights to help people
take action in specific areas of their financial lives. Topics
include longevity, retirement income, Social Security and Medicare,
as well as content designed specifically for women.
Corebridge is also the corporate sponsor of Season 5 of the
Stanford Center of Longevity’s award-winning longevity podcast,
“Century Lives.” This season, “The Retirement Ladder,” tells the
stories of eight employees from the same workplace and their very
different views on how and when they will retire.
The 2023 Corebridge Financial Survey on Longevity was conducted
online May 2-11, 2023, by Morning Consult among a national sample
of 2,284 U.S. adults, ages 22-75, with household incomes and assets
of at least $35,000 each. The Retirement, Longevity and the Future
of Work Survey was conducted online April 12-15, 2022, by Morning
Consult among a national sample of 2,202 U.S. adults, ages 25-75,
with household incomes of at least $25,000 and at least $50,000 in
investments.
This material is general in nature, was developed for
educational use only, and is not intended to provide financial,
legal, fiduciary, accounting or tax advice, nor is it intended to
make any recommendations. Applicable laws and regulations are
complex and subject to change. Please consult with a financial
professional regarding your situation. For legal, accounting or tax
advice, consult the appropriate professional.
Corebridge Financial and The Longevity Project are not
affiliated.
About Corebridge Financial
Corebridge Financial, Inc. (NYSE: CRBG) makes it possible for
more people to take action in their financial lives. With more than
$380 billion in assets under management and administration as of
December 31, 2023, Corebridge Financial is one of the largest
providers of retirement solutions and insurance products in the
United States. We proudly partner with financial professionals and
institutions to help individuals plan, save for and achieve secure
financial futures. For more information, visit
corebridgefinancial.com and follow us on LinkedIn and YouTube.
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