Manulife John Hancock has published its 11th annual Financial Resilience and Longevity Report, building on its ongoing collaboration with the MIT AgeLab and the recently published Longevity Preparedness Index.
As the report details, the number of centenarians is increasing steadily here in the United States, meaning the prospect of a four-decade retirement journey is becoming the norm. At the same time, workers are retiring earlier than planned — further lengthening retirement and adding to the challenge of adequate financial preparation for life after work.
This growth in longevity is rewriting the rules of retirement, according to the report, but there are also opportunities for employers and financial professionals to help each generation plan for the financial realities of retirement. Starting early and remaining committed are essential for success, as are smart investment decisions.
“People are living longer than ever, and there’s an opportunity and increased need to provide support to [workers] in preparing for a longer retirement," said Aimee DeCamillo, global head of retirement and wealth at Manulife Wealth and Asset Management, in a statement. “Our mission is clear: give employers and advisors the capabilities to help plan participants save earlier, invest smarter, and retire on their terms with security and dignity.”
See the slideshow for a selection of highlights from the report.
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