April 26, 2012 (PLANSPONSOR.com) - Americans appear to be unprepared financially to live into their 70s, 80s and 90s, according to Northwestern Mutual’s Longevity & Preparedness Study.
Findings revealed that slightly more than half of Americans surveyed (56%) feel financially prepared to live to the age of 75. Less than half (46%) indicated that they feel financially prepared to live to the age of 85, and only one-third (36%) said they feel prepared to live to age 95.
The study found men regardless of age are significantly more likely than women to feel financially prepared to live to age 75 (65% vs. 48%), 85 (55% vs. 37%), and 95 (43% vs. 30%). Younger Americans (25-59) feel less prepared than older Americans (60+) to live to 75 (47% vs. 79%), 85 (37% vs. 66%), and 95 (29% vs. 52%).
Northwestern Mutual points out that according to the Centers for Disease Control (CDC), average life expectancy in the U.S. has increased to 78.2 years (75.7 for men and 80.6 for women). For couples age 65 today, there is a 50% likelihood that one partner will live to age 94, and one out of 10 couples will have a partner that lives to be 100 or older.
Independent research firm Ipsos conducted the online survey of 1,015 Americans aged 25 or older between February 2 and February 13, 2012. Results of the Longevity & Preparedness Study, as well as Northwestern Mutual’s previous Planning and Progress Study can be found here.