According to a recent TIAA Institute and George Washington University report, 53% of mid-lifers surveyed are “working with inaccurate information” regarding life expectancy. When we underestimate our life expectancy, we are often less optimistic about the future and less open to trying new things. When we underestimate our expiration date by nearly a decade, we don’t save enough money to afford our post-midlife years. This report suggested that only 37% of older people knew how long they might live!
The data show that individuals with strong longevity knowledge are more likely to plan and save for retirement while working and experience better financial outcomes in retirement.
How can you learn more? Check out the non-profit TIAA website to gain more confidence about how to retire well.
-Chip