Life Expectancy Knowledge of 53% of U.S. Adults Risk Retirement Plans, Report Says

Report says that the life expectancy knowledge of over 53% of U.S. adults risk their plans for retirement. In this article, read and find out more about this report!

A report from the George Washington University and TIAA Institute revealed that over 53% of the U.S. adults have poor life expectancy knowledge. This means that many American adults may risk their plans for retirement. A survey was initially conducted where respondents received four options to test their life expectancy knowledge when an individual reaches the age of 60. The survey was reportedly divided between males and females.

According to Cariaga, the Social Security Administration (SSA) revealed that men generally live for another 22 years when they reach the age of 60. On the other hand, women live for another 25 years. For the life expectancy knowledge, around 37% of the respondents have a strong understanding of it, while over 28% are considered to have a weak comprehension.

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More Data on Life Expectancy Knowledge

According to Mulholland, a 2021 Household Economics and Decision-making survey revealed that 25% of adults have no retirement savings, while 40% think their retirement savings are enough. 13% of adults ages 60 and older reportedly have no retirement savings, while 52% of them think their retirement savings are enough. For adults ages 45 to 59, 16% reportedly have no retirement savings, while 55% of them think their retirement savings are enough.

Furthermore, a recent data from the George Washington University and TIAA Institute revealed that 32% of employees do not save for retirement regularly, while 22% of them think their retirement savings are enough. On the other hand, 47% of them have not yet determined how much they need to save for retirement.

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