What If Your Clients Live to 100?

Developing family relationships ranked first: 39% of the survey participants identified that as a benefit of living to 100.

About 32% cited getting to see new discoveries and the evolution of society as an important benefit.

Longevity Risks

The Plan for 100 survey team also asked participants to rate their top worries associated with living to 100.

Here are the percentages of participants who ranked the specified concerns as their top longevity-related worries:

1. Health Problems: 35%.
2. Becoming a Burden on Loved Ones: 27%.
3. Running Out of Money: 25%.

Why Worry?

Todd Solash, president of individual retirement at AIG, said in a statement that retirement planning in the United States has yet to adequately adjust for an aging population, the decline in pension benefits, and longer lifespans.

“As a country, we have to face the fact that relying on savings alone will leave many at risk of running out of money during their golden years,” Solash said. “We must fundamentally change how we talk about retirement and replace what has been more of a singular focus on savings with a broader perspective that also includes protected lifetime income sources like annuities as part of an overall retirement plan.”

— Read Does Americans’ Keen Focus on Earning Hurt Saving?, on ThinkAdvisor.

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