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Weak Planning Can Doom Golden Years, Study Finds

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Insurance News Net (7/22/16) – Millions of Americans expect to live longer but aren’t really prepared to finance their own longevity, according to a new report. The solutions they look to — relying on Social Security and working past the age of 70 as a Plan B — are at best dubious. The misalignment between increasing life spans and stagnant or underfunded retirement accounts is a big opportunity for advisors, however. More on that later. Two-thirds of Americans believe there is some chance that they will outlive their savings, with one in three saying the likelihood is 51 percent or better, according to the Northwestern Mutual 2016 Planning & Progress Study of 2,646 American adults age 18 or older. Nearly half – 49 percent – of current retirees expect Social Security will be their sole or primary source of income in retirement, the study found.
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