Research from the American College highlights the rising risks associated with extending retirement, finding a 41% increased chance of depleting savings when extending from 30 to 35 years. Economic factors, including inflation and declining portfolio returns, exacerbate these concerns, compelling 40% of non-retired Americans to consider delaying retirement. Surveys reveal underestimations of lifespan and resulting financial implications, with many Americans desiring less longevity due to health and financial worries. However, proactive financial planning for longer lifespans enhances confidence in retirement stability.
Research indicates that extending retirement from 30 to 35 years significantly raises the risk of depleting savings by 41%, especially for healthier retirees.
The survey shows that only 29% of Americans wish to live to 100, fearing declining health and financial worries greatly outweighing the desirability of longevity.
Michael Finke emphasized that underestimated longevity in planning can lead to reduced confidence; those aware of longer life expectancies are more proactive in financial preparations.
Despite economic challenges, the data suggests informed and extended planning for retirement contributes to greater confidence and stability in financial futures.
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