The research shows that most people don’t know average life expectancies, but women have a better handle on it than men.
Experts say there are things pre-retirees and retirees can do to prepare for a retirement that could last 20 to 30 years.
More than any other generation, its members are receptive to in-plan guarantees.
Segal clients in the United States will also have the opportunity to engage Club Vita’s approaches to measuring and managing plan longevity risk, including annual reporting.
Club Vita looks at zip codes and other characteristics of the participants in DB plans to estimate longevity risk.
New EBRI data shows both defined contribution and defined benefit plan participants favor cashing out their accrued benefits over purchasing annuities, potentially jeopardizing retirement security.
They are worried about longevity risk.
According to a T. Rowe Price study, 65% of defined contribution plan sponsors believe achieving the highest retirement income opportunity for participants is their greatest priority.
Forty percent of single retirees overall do not think their savings will be enough if they reach age 90.