Longevity, one of the major risks investors face in retirement, is also one of the furthest things from their minds. A survey by Bankers Life and Casualty found 87% of middle-income Americans over 55 said they don’t spend much time thinking about how long they might live in retirement.
That may be because for many people, their longevity is simply out of their hands. About two-thirds said the determining factor in how long they will live was genetics. Less than half said eating right and exercising would affect their life span. Additionally, 60% of respondents said their best years were still ahead.
The Boomer Project polled 500 Americans between the ages of 55 and 75 with annual household incomes between $25,000 and $75,000 for the survey for Bankers Life.
For those who are talking about their longevity, it’s primarily a health concern, rather than a financial one. Half of respondents said they were speaking with their doctor or spouse about longevity. Just one-fifth said they were talking to an advisor. Furthermore, when asked to name their main longevity concern, most people said declining health, not outliving retirement assets.
“Considering longevity and the risks of outliving retirement savings is a first step in developing and achieving health, income and even personal goals for a satisfying retirement,” Chris Campbell, vice president of marketing and business development at Bankers Life and Casualty Co., said in a statement.