The Retirement Time Bomb Boomers Are Ignoring

Core Insights - The average retirement duration is increasing, yet many baby boomers are not adequately planning for long retirements, with 57% intending to retire between ages 60 and 69 and 46% expecting to live to age 90 or older, but only 9% planning for a retirement lasting over 30 years [1][2] Group 1: Retirement Planning - Failing to prepare for a long retirement is identified as a common mistake among baby boomers, which could lead to financial difficulties [2][5] - The risk of running out of money in retirement is significant if longevity is not considered in financial planning [3][4] - Many Americans lack a basic understanding of longevity, which contributes to insufficient savings for retirement [5][6] Group 2: Longevity Risk - Longevity risk is one of the four major risks threatening retirement security and can be mitigated with proper planning [6] - The increase in life expectancy by 17 years since the introduction of Social Security necessitates strategies that ensure retirement income lasts as long as individuals do [8]