While mutual fund companies have long emphasized the need to save for retirement, Americans’ increasing longevity is adding another wrinkle—having enough money to last throughout that extended retirement.

For their part, insurers are touting immediate annuities, living benefits, longevity insurance and long-term care.

Genworth Financial has a current advertising campaign featuring centenarians. One ad, for example, features 104-year-old Helen Green, who the spot says, “has outlived 13 presidents, five popes and seven of her doctors. But she hasn’t outlived her money.” Met Life has been running a commercial showing Snoopy decorating a 90th birthday cake.

Fidelity and Vanguard recently began selling immediate annuities and both also recently expanded the equity exposure in their target date funds.

Most people don’t realize how long they are expected to live, according to a survey by the Society of Actuaries. Sixty-seven percent of retirees and 61% of people of working age answered incorrectly when asked how long they will live.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.