Planning for a retirement that could last to age 100

Half of the respondents to a survey from Corebridge Financial think it is possible they could live to be 100. To help prepare for such an occurrence, the latest Corebridge study, “Living and Funding Longer Lives,” offers some action steps that individuals can take as they plan not just for longevity but also for a retirement that could last for three or more decades.

The effect of longevity on retirement planning

Increasing longevity should change the way people prepare for, transition to and live in retirement, said Bryan Pinsky, president of individual retirement and life insurance at Corebridge Financial.  “Living longer can offer more opportunities to experience life as we want, but it also can heighten the challenges – particularly when it comes to retirement funding,” he said.

Defining longevity planning

Longevity planning includes but also goes beyond the financial aspects of retirement planning, Pinksy explained. It’s a deeper dive that involves discussing future needs – like potential healthcare costs, lifestyle desires, caregiving expectations and more. Planning for these considerations in advance can help relieve pressure, reduce anxiety and stress, and even create joy for what lies ahead, he added.

At the center of longevity planning is the need for a strategic financial plan that matches what individuals want for their retirement while also ensuring that they can address the risks associated with living longer.

“For financial professionals, one action step we recommend is to have longevity planning conversations with clients,” Pinsky said. “It’s an opportunity to connect your knowledge and experience with financial planning and retirement income to the more personal elements of what it means for your client to live a very long life.”

Key to successfully living a long life

The survey also pointed out that maintaining a good financial life is critical to successfully living a long life. And why is this the case? “Our longevity research finds a strong interplay between health and wealth in retirement,” Pinsky explained. “Poor health can drain wealth and financial stress harms health. If not addressed, this detrimental feedback loop can worsen over time.”

Pinsky added that the top benefits people identify with living a long life are continued meaningful relationships with family and friends, more time to explore and have new experiences, witnessing new discoveries, and enjoying more leisure time in retirement. “That’s a lot to treasure, which means succeeding with longevity requires a holistic approach to retirement planning,” he said.

Hallmarks of a comprehensive retirement income strategy

As more and more people live longer lives, what are some of the hallmarks of a comprehensive retirement-income strategy they should keep in mind? “In an era of increasing longevity, we believe more and more advisors and their clients need to take a fresh look at annuities for a portion of an overall retirement portfolio – especially as retirement approaches,” Pinsky said.

Annuities can deliver protected lifetime income, no matter how long a client lives, Pinsky added. This is not only an important financial component of a client’s plan, but it can also be beneficial psychologically.

“Our survey finds nearly two-thirds of Americans say they fear running out of money more than they fear death,” Pinsky said. “And when we ask what would make them feel the most confident about their ability to live comfortably for as long as they live, the top response is having a source of guaranteed monthly income in addition to Social Security. That’s where annuities come into play.”

Pinsky added that annuities provide clients with a way to create additional guaranteed lifetime income – beyond Social Security – to help bolster their retirement income security so they can feel more confident about their future. “After all,” he pointed out, “living longer should be cause for celebration – not greater financial worry.”

Action steps for financial professionals

In addition to the ideas mentioned above, the study highlights some action steps that financial professionals can take when working with their clients. These include:

- Have longevity planning conversations with clients. To foster effective longevity planning, engage clients in personal conversations by exploring their family’s history of long lives and focusing on the benefits of longevity, the report said. Create a safe space to talk about financial and longevity concerns. This candid dialogue, the report pointed out, helps demystify taboo topics, reduces stress, overcomes inertia and ultimately drives the longevity planning process forward.

- Help clients facilitate conversations with their family members. Financial professionals have a vital role in initiating important family conversations about future events. This can foster candid dialogue and helps form plans that secure a client’s financial security and well-being. “This proactive planning, coupled with genuine care, demonstrates your knowledge and value and can lead to greater client retention and new intergenerational prospects,” the report said.

- Conduct a retirement savings check-up. With potentially more years of life to fund, putting away more money for the future has never been more important. Help make sure that clients are fully maximizing the use of available tax-advantaged savings opportunities, including contributing to individual retirement accounts and plans, such as 401(k)s and 403(b)s. And if they are 50 or over, remind them about the opportunity to make catch-up contributions.

- Help clients develop a comprehensive retirement income strategy. Take the time to help educate clients about their Social Security options and how Social Security fits into their overall retirement income strategy. “Help them better understand their Medicare options and factor Medicare costs, as well as how potential long-term care costs fit into their retirement income planning,” the report said.

Read the full Living and funding longer lives study.

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