Many Americans Lack Retirement Income Plans Beyond Age 80
New research from Guardian Life Insurance reveals that only one in three U.S. adults have planned for income beyond age 80, despite increasing life expectancies. A survey of 2,000 individuals by Morning Consult shows a sharp decline in retirement planning as people look further into the future—34% at ages 80 and older compared to 48% for those aged 60-69. The study also highlights uncertainty about when retirees will need the most money. While some anticipate higher needs early on, others expect peak spending in later years or find it difficult to predict due to personal circumstances like healthcare costs and caregiving responsibilities. High-net-worth individuals and business owners are more likely than average adults to plan for long-term income. A majority of Americans (75%) express concern about how unexpected events could affect their retirement savings, with guaranteed income being the top factor that would increase confidence in retirement planning. However, over half have never worked with a financial advisor, indicating an untapped opportunity for professional guidance.
Topics: consumer research longevity planning retirement income