Americans Embracing Possibility of Living to 100, Many Expecting Over Three Decades of Retirement

More than half (54%) of Americans say it’s their goal to live to 100, according to a new study from Corebridge Financial and The Longevity Project. Family, friends and new experiences are seen as the top benefits of a very long life, with 72% of respondents citing continued meaningful relationships with family and friends and 65% looking for more time to explore and have new experiences.

Despite wanting to celebrate a 100^th birthday, many do not expect to delay their retirement to fund longer lives, as a plurality still plan to retire between ages 65-69 (40%), possibly enjoying three-plus decades in retirement. While 26% believe they will need to work past 70, a smaller number (22%) expect to retire between ages 62-64, and only 12% between 50-61. When it comes to retiring early (ages 50-61), Generation Z is the most optimistic, with 17% seeing this as a possibility.

“A longer life presents exciting new opportunities but will require thoughtful planning and purposeful action,” said Bryan Pinsky, President of Individual Retirement at Corebridge Financial. “Balancing the age you want to retire with your financial situation can be challenging. Individuals need the right financial strategies and solutions to help ensure they can pursue quality of life without outliving their money.”

Financial Concerns Tied to Longer Lives

Today’s and tomorrow’s retirees could spend more than 30 years in retirement, but the prospect of living a long life is tempered by financial worries. Two-thirds of Americans (66%) fear running out of money more than death, and these concerns appear to be rooted in assessments of and expectations for their retirement savings. Related findings include:

• Only 24% think their current retirement investments will provide them with retirement income that lasts more than 30 years, or as long as they need
• Only 27% are very confident or extremely confident that they won’t outlive their retirement savings
• Only 36% are very confident or extremely confident in their ability to manage their retirement savings to provide income for as long as they live

“Living to 100 is an incredible milestone, but getting there should be cause for celebration rather than a source of financial stress,” said Pinsky. “One of the best ways to take action is to work with a financial professional to help prepare for the future you are envisioning. That professional guidance, along with financial education and lifetime income solutions, can help you plan for and enjoy your retirement.”