With life expectancy on the rise, more Americans than ever are reaching their 80s, 90s and beyond! And living longer has its rewards. Middle-income retirees say they are having experiences in retirement that they never imagined, such as traveling and volunteering.
However, longevity also comes with risk. One primary concern for middle-income retirees is longevity risk and retirement income planning. For someone who retires at age 65, it isn’t a far-fetched possibility he or she will need 20+ years of retirement income. The ability to create a sustainable retirement income that can last that long can be challenging, which is why many Baby Boomers fear outliving retirement savings.
What about health care?
Many Baby Boomers who are facing retirement …