Financial Security
ensuring individuals are financially prepared for longer life
With longer life comes uncertainty about how to adequately fund retirement. As Stanford Economics Professor John Shoven noted, “Few workers can fund a 30-year retirement with a 40-year career.” The changing contours of work and retirement have created additional pressure to maximize earnings and save for the future, but this has become increasingly challenging in an age of shifting retirement funding. With the demise of defined benefit retirement plans and uncertainty about Social Security, the state of savings in the U.S. has reached an alarming low. Added pressure on finances makes it all the more critical that we maximize earnings, invest wisely and protect our assets from catastrophic events. 15% of Americans have no retirement savings at all and only 10% of Americans are confident that they have enough saved to fund their retirement. Key questions for research and discussion include how society can encourage more savings for a longer life and the best practices, innovations and strategies for the financial framework of the new age of longevity.
To learn more:
Forbes article urging people to be more fiscally aware as individuals live longer lives.
Northwestern Mutual 2019 study on American adults’ attitudes towards financial planning.
Stanford Center on Longevity’s research on the financial security of Americans, taking into account socioeconomic backgrounds.
Read our analysis of the longevity challenges the Biden Administration faces in the wake of the pandemic here.
Our Research
Longevity Project - Morning Consult Poll on Longevity
Americans are looking forward to the benefits of longer lives – especially the opportunity to spend more time with family – but recognize the need for significant changes in society to support increasing longevity, according to a new poll from the Longevity Project and Morning Consult.
Here are our overall poll key findings. View the data crosstabs in part 1 and part 2.
