Most Americans expect their savings to run out by 79 — years before they die — and many boomers are unprepared We may hope to live a long, rich, and happy life, but achieving financial security in old age, or even having enough money to get by in retirement, is far from…
aranteed without disciplined financial planning. Most people, at least in the abstract, know retirement could last a long time
But few have worked out how long their retirement might last or whether their savings will keep up. Must Read – – Robert Kiyosaki says this 1 asset will surge 400% in a year and begs investors not to miss this ‘explosion’ – A survey by Western & Southern Financial Group of 975 Americans (1) aged 30 and older, while not nationally representative, highlights the numbers behind that disconnect. Respondents said they expected to live to age 85 on average, but thought their savings would run out at 79.
That leaves a six-year hole between how long people expect to live and how long they think their money will last. The survey calls this the “longevity gap.” It suggests many people haven’t aligned their retirement savings with their expected lifespan. The gap is widest for the generation closest to it Baby boomers are the generation you’d most expect to have this figured out, since many are either approaching retirement now or already there.