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.
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.