18.7 Years: Lifespan of American men beyond age 65

That life expectancy is about four years longer for men than in 1980, according to the Center for Retirement Research at Boston College. Longer lives can be a blessing. They also appear to be affecting the way workers think about saving for retirement. Those who expect to live longer tend to work longer. Workers who are more optimistic about living to 75 or 85 are 10%-24 % more likely to be working full time into their 60s and expect to work five months longer on average.

Advisors can consider helping with education, pointing out everyone is living longer—not just the healthiest retirees. And since your participants don’t know how long they might live, they might as well plan to work later to save more for retirement.

Source: Center for Retirement Research at Boston College, “How Do Subjective Longevity Expectations Influence Retirement Plans?” 2/14

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I Gave At the Office

May 13, 2014