Facing the Future: Addressing Longevity Concerns in Retirement Planning

The Nationwide Retirement Institute’s new “Century Club Insights Report,” based on a survey of 1,200 U.S. consumers, reveals how Americans think and feel about living to 100 and how prepared they are to do so. The report is part of the Nationwide Retirement Institute’s Century Club campaign.

Considering the projection that the number of Americans living to age 100 or older could quadruple by 2054, the campaign aims to identify and examine the implications of increasing life expectancy on retirement risk. The report helps to address how understanding clients’ perception of aging — specifically, their physical and financial ability to support themselves in their later years — is crucial in helping them plan for longevity. As reflected in the findings from our 2023 Retirement Income Literacy Study, many clients are unprepared for or even unaware of the financial demands of rising longevity.

Kaylee Ranck, PhD, our director of College research shared her key takeaways from the study.

Planning for Longer Time Horizons

Financial security is often top of mind for individuals in or nearing retirement, but awareness alone is only half the battle. While 72% of working adults aged 55 to 65 cite retirement income as their leading concern when making investment decisions, only 56% say they consider how long they’re likely to live, according to the Nationwide survey. This gap reflects a crucial disconnect, with many clients underestimating how long their income actually needs to last. As Ranck explains, this overlooked time horizon can create significant issues if not addressed — making it imperative for advisors to step in and align income strategies with realistic life expectancy.

This disconnect extends to safety nets intended to support retirement longevity. While 35% of older workers see long-term care insurance as a valuable planning tool and 58% express interest in guaranteed lifetime income options through employer plans, widespread adoption of these resources is limited. Most Americans agree these systems are insufficient, creating anxiety about extended life spans. The lack of access to or understanding of financial safety nets leaves many pre-retirees uneasy about the future.

“For many approaching retirement, extended longevity raises serious concerns about financial sufficiency,” says Ranck. That concern is well-founded: only 33% of working adults aged 55 to 65 feel confident they could financially support themselves if they lived to age 100, and 55% admit they lack confidence altogether.

With social and financial safety nets lacking and life expectancy climbing, it’s up to advisors to help clients understand what longevity means today and build retirement plans that can go the distance.

The Emotional Cost of Longevity

Also important, says Ranck, are clients' concerns about the impact their increased life expectancy will have on their loved ones. Despite advances in healthcare and life expectancy, only 23% of adult workers aged 55 to 65 say they want to live to 100, and just 11% believe they actually will. This outlook is often rooted in fear; most associate extreme longevity not with opportunity, but with becoming a burden.

Among those reluctant about a longer life, 77% point to the potential strain on family or caregivers as their main concern, while only 54% cite outliving their savings. This reveals a critical gap: clients are often more worried about their future impact on loved ones than on their financial solvency. As an advisor, recognizing and addressing these concerns is essential. Many clients are unaware of how comprehensive retirement planning can support not only financial stability but also independence, dignity, and quality of life in later years, says Ranck.

“Emotional and caregiving concerns play a central role in how people perceive aging often more than financial fears alone,” explains Ranck. “When people imagine a longer life, they tend to focus on personal well-being, suggesting that financial planning is often secondary to health and connection in longevity-related thinking.”

The good news? Advisors are uniquely positioned to shift this narrative, says Ranck. Through education and empathetic guidance, you can help clients feel more confident about longer life spans by strengthening their retirement plans. When you help your clients navigate both the financial and emotional sides of retirement, they won’t just be prepared for a longer future — they’ll be excited by it.

More From The College

• Read our companion report, “Planning for a Century of Living”
• See more takeaways from our Retirement Income Literacy Study
• Give your clients the gift of knowledge with a free education program, The Retirement Course™