Thanks to medical advances and healthier choices, Americans are living longer, more active lives — well into their 80s, 90s and beyond. That means it’s more important than ever before to plan for a retirement that could take you to 100. Is your retirement plan built to last 30 or even 40 years? Actions you take today could impact your retirement down the line. It’s easy to get started.
According to the AIG 2019 Plan for 100SM Survey, 53% of Americans surveyed say their goal is to live to age 100. And now, that goal is a real possibility for thousands of people. In fact, the number of people who have reached their 100th birthday — called “Centenarians” — is growing rapidly and projected to reach over 750,000 by 2045.
When it comes to retirement I.Q., about three out of five Americans say they have a good understanding about how their retirement savings strategy works. However, about 30% say they have little to no understanding about their retirement plan at all. Despite most people having a good understanding of how their retirement plan works, many still have reservations about the future. Two-thirds of Americans worry they won’t have enough saved for retirement, with Gen-Xers leading the pack at more than 1 in 3 feeling nervous about the future.
Start preparing for the future you envision by getting enrolled in your workplace retirement plan, consider increasing your contributions, and schedule a review with your financial advisor to discuss your investment portfolio. It’s never too late to start your saving journey, and National Retirement Security Week is the perfect time to take a second look at your saving strategy.