Plan for 100SM: 2019 Research & Insights

Plan for 100 2019 Research Insights cover

To find out what Americans are thinking and feeling about today’s increasing longevity, we recently partnered with retirement income expert Dr. Michael Finke to conduct the AIG 2019 Plan for 100SM Survey.* Here’s what we discovered:

Americans are embracing the new longevity

More than half of Americans surveyed say their goal is to live to 100, reflecting growing sentiment that later life is not about disability and decline, it’s about deepening relationships with family, being around to witness new discoveries, and remaining productive.

53% of Americans surveyed say their goal is to live to age 100.

We asked Americans, “If you knew you were going to live to 100, what would you do today to prepare?”

Here’s a sample of what we heard:

“Work longer. Invest more.”

“Keep myself mentally and physically in the best possible condition I can.”

“Take yoga and exercise.”

“Eat healthy foods.”

“Take good care of myself and invest a little more aggressively.”

“Start planning as early as I can and start saving.”

“Save, save, save.”

“Pay off all of my debt.”

“Work on staying healthy to avoid future medical costs.”

“Have better connections to friends, family and community.”

Increasing longevity introduces new challenges

While increasing longevity is certainly a reason to celebrate, it also introduces new challenges. 35% of Americans surveyed say that serious health problems worry them the most with respect to living to 100. Being a burden on family and running out of money to live comfortably were also identified as top worries.

Top Worries of Living to 100: Health Problems, Being a Burden & Running Out of Money

Q: What is the greatest worry you have about living to 100?

Americans' concerns about living to 100 (described by the paragraph below)
  • 35%: Serious health problems
  • 27%: Being a burden on family
  • 25%: Running out of money to live comfortably
  • 6%: Being lonely
  • 5%: Not having a purpose
  • 3%: Having nothing left to leave my children/grandchildren

Note: Response total exceeds 100% due to rounding.

Running out of money is a frightening prospect

A longer life presents the need to generate income for a retirement that could last 30 to 40 years. And the prospect of running out of money in retirement generates tremendous fear for the majority of Americans.

59% of Americans surveyed say they fear running out of money more than death.

Many Americans may need to re-evaluate their current retirement plan

More than half of those surveyed are not at all confident―or only somewhat confident―that their current retirement savings plan will support a retirement that might take them to age 100.

Q: How confident are you that your current retirement savings plan will provide for you financially if you were to live to 100 years old (up to 40 years of retirement)?

Chart showing confidence in current retirement savings, described in paragraph below
  • 25%: Not at all confident
  • 26%: Somewhat confident
  • 19%: Confident
  • 21%: Very confident
  • 9%: Extremely confident

AIG offers solutions for Protected Lifetime Income

When it comes to generating retirement income for today’s increasing longevity, an annuity can help you enhance your retirement security by providing you with protected lifetime income that’s guaranteed to last for as long as you, or you and your spouse live—whether that’s well into your 80s, 90s or even 100+.

There are a number of different types of annuities from which to choose. Your financial professional can help you determine if an annuity is right for you and assist you in developing a plan for income that’s guaranteed for as long as you live.

Start planning for your 100 today!

* About the AIG 2019 Plan for 100SM Survey: The survey was conducted online within the United States by Dr. Michael Finke of The American College of Financial Services in December 2018 and January 2019 among 1,012 U.S. adults ages 45-74 who have at least $50,000 in retirement accounts.