Retirement Planning Research
Retirement Longevity Planning Expert Perspective
This fact was made clear in a recent research report by our experts and the Nationwide Retirement Institute, “Planning for a Century of Living.” The report, aptly named due to its headlining conclusion that the number of Americans living to age 100 or older could quadruple by 2054, provides powerful insights in the areas of retirement longevity planning and retirement income security — namely, that financial professionals and organizations need to adjust their retirement planning mindset to take into account rising longevity figures.
What’s more, the report found clients lack a sufficient understanding of how long they may live, which can negatively impact their retirement income security. In a survey of individuals in or nearing optimal retirement age, the report confirms a fundamental truth of retirement longevity planning revealed in our 2023 Retirement Income Literacy Study: your potential clients are unprepared for increased longevity — and that can put their future in jeopardy.
Our own Michael Finke, PhD, CFP®, one of the experts who contributed to the research, outlined his high-level conclusions from the report.
Don’t want to wait for the summary? Dive into the full report and download it now!
The Latest on Retirement Longevity Planning
While there are differences in the data between higher and lower-income households, one consistent through-line is clear: those who lack understanding of how long they may live are putting themselves at risk. According to Finke, only 27% of those surveyed in the study were able to correctly estimate the average longevity of a 65-year-old at retirement; 67% underestimated it. He points out this lack of knowledge has real impacts: those who underestimate longevity are 35% less likely to take retirement longevity planning into account and plan for spending into at least their 90s.
This understanding is critically important because research shows Americans are living longer: one-third of average-income couples and one-half of higher-income couples who reach retirement age will then have one spouse live to age 95 or beyond, as Finke explains.
In addition, failure rates for the classic “4% rule” of retirement longevity planning, in which clients are advised to stick to a 4% withdrawal of assets each year of retirement, rise by over 40% when retirement longevity planning horizons increase by just five years (from 30 to 35). And that’s assuming things go well — when using lower-than-average 10-year U.S. stock and bond returns, that failure rate increases by over 300%: a serious red flag.
“Too many people underestimate how long they’ll live — and that blind spot can seriously undermine their financial security,” Finke says.
Ensuring Retirement Income Security
So how can financial professionals ensure retirement income security as they speak with their clients about retirement longevity planning? Finke says the research shows knowledge is power, which can translate into real financial returns.
One way your clients can compensate for difficult financial conditions and buy themselves more time to save for retirement is simply delaying that retirement. This decision seems to be becoming more widespread: in fact, 76% of recent survey-takers said they planned to delay their retirement due to market volatility and fears of higher inflation.
There’s also some good news from the report, Finke says: proof that taking retirement longevity planning into account can improve outcomes. Workers who believe they have an 80% chance of living to age 75 are 88% more likely to save at least 10% of their income for retirement — making maintaining retirement income security a far better possibility — than those who have lower longevity expectations.
The bottom line? Finke says it’s important to talk about longevity with your clients — and that you’re in a unique position to help.
“We consistently see that those who plan for longevity feel more confident about retirement. The key drivers of that confidence? Working with an advisor, having access to guaranteed income, and building a plan that’s designed to last.”
More From The College
- Learn more about the Retirement Income Certified Professional® (RICP®) Program
- Download our Retirement Planning Checklist to work with your clients
- Give your clients the gift of knowledge with a free education program, The Retirement Course™
Retirement Planning Podcasts
Planning for Healthcare Costs in Retirement
In this special episode of the Shares podcast, recorded live at The College’s Horizons 2025 conference, Lindsey Lewis, MBA, CFP®, ChFC®, managing director and chair of the American College Center for Women in Financial Services, speaks with healthcare professional turned financial educator Carolyn McClanahan, CFP® on how financial professionals can work with clients to maximize their healthcare benefits and avoid costly mistakes. They also discuss the unique challenges facing women in situations where spouses require long-term care or other financial considerations, as well as important elements to focus on in planning with clients such as Medicare/Medicaid, deductibles, tax implications, and more.
Carolyn McClanahan, CFP® is the founder of Life Planning Partners, Inc., and a financial planner, physician, educator, and contributing writer to Forbes and CNBC. She specializes in financial planning, health and finance issues, and elder care issues. She completed her undergraduate degree at Mississippi University for Women, medical school at the University of Mississippi, and residency in Family Medicine at Virginia Commonwealth University. In 1998, she was recruited to teach at the University of Florida, Jacksonville, and transitioned to the financial services industry with the founding of Life Planning Partners in 2004.
McClanahan is a member of the National Association of Personal Financial Advisors, the Financial Planning Association, and the American Academy of Family Physicians. She volunteers as a physician with Volunteers in Medicine Jacksonville, providing health care for the working uninsured. She speaks nationally to financial planners and physicians on the interplay between health and financial issues. She serves on the CNBC Financial Advisor Council and is an Investopedia Top 100 advisor. She is quoted regularly in numerous publications, including The Wall Street Journal, The Washington Post, and The New York Times. She has appeared on CNBC, Hardball, and NPR.
Any views or opinions expressed in this podcast are the hosts’ and guests' own and do not necessarily represent those of The American College of Financial Services.
More From The College
- Secure specialized expertise in retirement income planning with the Retirement Income Certified Professional® (RICP®) Program
- Give your clients a free educational resource with The Retirement Course™
- See how you can get involved with the American College Center for Women in Financial Services
Retirement Planning Insights
Fiona Greig and the 82 Trillion Opportunity
Fiona Greig, PhD addresses attendees of Horizons 2025, The College’s flagship retirement planning event, as she examines the Boomer retirement wave, discusses one of the largest transfers of wealth ever, reviews financial identities that Americans assign themselves, and analyzes how advisors can use this information to improve client outcomes.
More From The College
Retirement Planning Press
Joining the Century Club Research
COLUMBUS, Ohio – The number of Americans living to 100 and beyond is expected to quadruple by 2054, according to the U.S. Census Bureau. Yet despite this surge in longevity, new research from Nationwide Retirement Institute and The American College of Financial Services (“The College”) reveals a troubling disconnect: while lifespans are rising well into the 90s and beyond, financial planning hasn’t kept pace. As a result, millions face a growing risk of outliving their savings.
The research—conducted as part of the Nationwide Retirement Institute’s Century Club campaign, which explores the financial implications and consumer sentiment related to rising life expectancy—highlights just how fragile the equation can be. According to The College’s research, extending a retirement by just 5 years from 30 to 35 years increases the risk of depleting savings by a striking 41%, based on historical market returns. And that risk only intensifies as lifespans continue to lengthen, particularly among healthy, higher-income retirees.
A companion consumer survey from the Nationwide Retirement Institute shows most Americans are underestimating both their chances of living to 100 and the financial demands that kind of longevity brings. In fact, only 29% of respondents said they want to live that long, citing concerns about declining health and deep financial anxieties. Roughly three in four fear they’ll run out of money before they run out of time.
Today’s volatile economic environment is raising the stakes even higher. According to the joint research, two out of five non-retired Americans (40%) now say they plan to delay retirement due to inflation. And the math is sobering when factoring in lower projected 10-year portfolio returns: Extending retirement by just five years increases the risk of running out of money by more than 300% according to The College’s analysis.
These findings send a clear message—retirement planning needs a major reset. Both consumers and advisors must shift their mindset, prioritizing longevity risk and placing a stronger emphasis on guaranteed income strategies that can weather uncertainty.
“Too many people underestimate how long they’ll live—and that blind spot can seriously undermine their financial security,” said Michael Finke, PhD, CFP®, professor of wealth management, director of the Granum Center for Financial Security at The American College of Financial Services and co-author of the study. “We consistently see that those who plan for longevity feel more confident about retirement. The key drivers of that confidence? Working with an advisor, having access to guaranteed income, and building a plan that’s designed to last.”
Knowledge is Power—and Protection
Preparing financially for a longer life starts with one key step: considering how long you might live. Yet just 48% of Americans factor lifespan into their savings and investment decisions, according to the Nationwide Retirement Institute’s survey, and only 26% of respondents correctly estimated the longevity of a 65-year-old man according to the joint research.
While the challenges of planning for longer lifespans are apparent, the Nationwide Retirement Institute’s consumer survey also reveals a powerful silver lining: if Americans knew they would live longer, many would take meaningful action to improve their physical and financial well-being:
- 58% said they would adopt a healthier lifestyle
- 67% would pay closer attention to their finances and increase their savings
- 37% said they would delay retirement
- 63% said they would take on less debt
Mindset also matters. The College’s research found that optimists are 75% more likely to save at least 10% of their income – underscoring how a positive perspective can drive more financially secure retirements. The report also refers to financial literacy as “a quiet driver of retirement readiness.”
“When people think seriously about living longer, it becomes clear that physical, mental, and financial health go hand in hand,” said Kristi Martin Rodriguez, leader of financial services marketing and the Nationwide Retirement Institute. “Just as we encourage healthy habits to support longer lives, we need to help build strong financial habits that ensure people can thrive well into their later years.”
Solutions Exist – Now It’s Time to Use Them
While 70% of Americans agree that society is not prepared to meet the needs of people with longer lifespans, the good news is that effective solutions already exist. These include long-term care (LTC) insurance and guaranteed income products, including annuities and protected retirement solutions that are available in a growing number of employer-sponsored retirement plans. The problem? These tools remain widely misunderstood or overlooked, highlighting a significant gap in consumer education.
Nationwide’s research shows that nearly one-third of consumers (32%) believe long-term care insurance would be one of the most helpful resources for preparing to live to 100. Yet, only 1 in 10 actually report owning a policy, according to The College. The story is similar for annuities: 31% of consumers say an investment that guarantees income for life would help them feel more financially secure, but knowledge and adoption of these products remain stubbornly low. Additionally, in the past few years, a new type of investment option in workplace retirement plans that can provide guaranteed income in retirement has been gaining interest and garnering discussion across the country. This type of solution is growing but there remains an opportunity for the industry to encourage more widespread adoption of these solutions.
“As the risk of longevity combined with today’s volatile market environment create what might seem like a perfect storm for retirement savers, the good news is that solutions exist to provide a measure of certainty in an uncertain environment,” Rodriguez said. “Financial professionals and others serving America’s retirement savers can play a critical role in bridging this gap, tailoring strategies to individual needs – especially for groups like women, who tend to live longer, score slightly higher in longevity literacy, yet report lower retirement confidence overall.”
These findings from Nationwide and The College reveal a powerful truth: America is on the brink of a longevity revolution, yet many Americans are financially underprepared to meet it.
The Nationwide Retirement Institute’s Total Retirement Income Planning initiative offers a variety of tools and resources for advisors to address the longevity challenge for clients.
Nationwide Retirement Institute Methodology
Edelman Data and Intelligence (DXI) conducted a national 15-minute online survey of n=1,000 U.S. consumers (age 18+), and n=200 U.S. workers ages 55-65 on behalf of Nationwide from February 18 – February 26, 2025.
As a member in good standing with The Insights Association as well as ESOMAR Edelman Data and Intelligence conducts all research in accordance with local, national and international laws as well as in line with all Market Research Standards and Guidelines.
The College Methodology
The Retirement Income Literacy Study conducted by The American College of Financial Services measures financial literacy in 12 retirement-related knowledge areas among individuals approaching or in retirement age. Researchers from The College surveyed 3,765 Americans aged 50 to 75 in 24-minute online interviews conducted in August 2023. The data was collected to match the 2020 U.S. Census for gender and race. Other figures reflect the authors’ calculations based on publicly available data. See the full report for all source citations.
About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide is rated A+ by Standard & Poor’s (5th highest of 21 ratings). An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance. For more information, visit www.nationwide.com.
About The American College of Financial Services
Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, X, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.
Contact
Mike Switzer, Nationwide
SWITZEM1@nationwide.com
614-370-0001
Jared Trexler, The American College of Financial Services
jared.trexler@theamericancollege.edu
610-526-1268
This material is not a recommendation to buy or sell a financial product or to adopt an investment strategy. Investors should discuss their specific situation with their financial professional.
This information is general in nature and is not intended to be tax, legal, accounting, or other professional advice. The information provided is based on current laws, which are subject to change at any time, and has not been endorsed by any government agency.
Nationwide and The American College of Financial Services are separate and non-affiliated companies.
Life and annuity products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio.
Nationwide Investment Services Corporation (NISC), member FINRA, Columbus, OH. Nationwide Retirement Institute is a division of NISC.
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Ethics In Financial Services Research
Ethics Challenges in Financial Advisory Practices
To better understand how values influence ethical choices in financial advisory practices, The American College Cary M. Maguire Center for Ethics in Financial Services conducted Voices from the Field: Ethics Challenges in Financial Advisory Practices, a qualitative research study that offers a rare, behind-the-scenes look at the ethical dilemmas financial advisors face — shared in their own voices.
This timely research highlights how advisors navigate real-world pressures, including conflicts of interest, compensation incentives, and the complexity of firm structures and regulatory environments that can make it difficult to act in clients’ best interests. Advisors spoke candidly about how personal values shape their decisions, how systems can fall short in supporting ethical behavior, and where trust is either built or broken in practice.
What the Research Reveals:
- Firsthand insights from in-depth interviews with financial advisors on the ethical tensions they regularly face
- A deeper understanding of how personal values influence professional choices and guide ethical decision-making
- The impact of compensation structures, regulatory inconsistencies, and firm expectations on advisors’ ability to serve clients ethically
- The disconnect between advisors’ intent to help and the systems that often hinder ethical action
- Actionable ideas for change, including how education, culture, and clearer governance can better support ethical behavior across the profession
Whether you work directly with clients, shape firm policies, guide regulatory compliance, or educate financial professionals, this research offers valuable insight into the challenges and opportunities for strengthening trust in today’s financial services landscape.
Download the full report to explore the findings and join the conversation on strengthening trust in financial services.
Retirement Planning Insights
Perfecting Plan Design for Retirement Benefits
In this special episode of the Shares podcast, recorded live at The College’s Horizons 2025 conference, Professor of Wealth Management Michael Finke, PhD, CFP® speaks with Fiona Greig, PhD about the current complexities of plan design for employee benefits. They focus on how financial professionals and employers can work with employees and clients to create strategies and solutions to help.
Fiona Greig, PhD is global head of investor research and policy in Vanguard’s Investment Strategy Group, where she leads Vanguard’s global retirement and investor behavior research efforts. She is a leading expert in household finance and the use of financial data to drive insights for both policymakers and business leaders. Before joining Vanguard in 2022, she was co-president and founding research director of the JPMorgan Chase Institute for more than seven years. During her tenure, she authored more than 40 papers covering a range of household finance topics, including income and spending trends, student loan and housing debt, the gig economy, and the impacts of fiscal relief policies, all with an underlying focus on low- and moderate-income families as well as racial and gender disparities.
Earlier in her career, Grieg was deputy budget director for the City of Philadelphia, a consultant at McKinsey & Company for public and social sector clients, and a consultant at the Washington DC Economic Partnership. She has also been an adjunct professor at Harvard Kennedy School, the University of Pennsylvania, and Georgetown University. She earned a BA in international relations from Stanford University and a PhD in public policy from Harvard Kennedy School.
Any views or opinions expressed in this podcast are the hosts’ and guests' own and do not necessarily represent those of The American College of Financial Services.
More From The College
- Secure specialized expertise in retirement income planning with the Retirement Income Certified Professional® (RICP®) Program.
- Give your clients a free educational resource with The Retirement Course™.
Retirement Planning Insights
Navigating Retirement Income in Volatile Markets
In a recent conversation, Retirement Income Certified Professional® (RICP®) Program Director Eric Ludwig, PhD, CFP® and Jamie Hopkins, Esq., LLM, CFP®, ChFC®, CLU®, RICP®, CEO of Bryn Mawr Capital Management, discuss how retirement advisors can speak with clients about the current market moment and keep their retirement income planning on track.
Behavioral Finance and Market Risk
A large part of a financial professional’s job in volatile market times, according to Ludwig and Hopkins, is counseling clients against making any hasty decisions. While simply “staying the course” may be the conventional wisdom, Hopkins points out this approach may not work for all clients — especially those very near to or already in retirement.
Hopkins emphasizes that a retirement advisor must consider each client on an individual basis and offer them options, while also recognizing that some clients may only be coming to them for confirmation of their own beliefs. The important part, he says, is encouraging them to consider the solutions they think could be best — otherwise, clients may feel that their advisor simply threw out lists of options they don’t understand while not providing them any real value or guidance. He adds working with clients to adapt their spending in retirement to suit market risk, and setting that expectation early in or before retirement — rather than simply sticking to a set withdrawal rate — has beneficial effects on outcomes proven by research.
Tailoring Strategy for Volatile Markets
Ludwig and Hopkins also talk about the history of volatile market situations, including the COVID-19 pandemic and the 2008 financial crisis, and the lessons that can be drawn from those times for today’s situation. They point out that while certain retirement income solutions may not be the strongest mathematical choices for a client from the retirement advisor’s point of view, they may be the best for an individual client’s needs and goals.
The two also touch on the notion that there may be opportunities in times of market volatility to encourage clients to buy into the market at a low in anticipation of future growth — though this greatly depends on each client’s resources. In particular, Hopkins points out well-trodden retirement income planning simulations like Monte Carlos are just projections and don’t account for the true unpredictability of market fluctuations. He also says that selling certain assets at a high is not always a bad thing, though it may take a lot to convince clients to go this route.
Ludwig agrees that it’s important for retirement advisors to consider individual assets rather than just the big picture when it comes to volatile market conditions.
More From The College
- Explore the RICP® Program
- Visit the American College Center for Retirement Income
- Help Your Clients Understand Retirement Planning with The Retirement Course™
Retirement Planning Insights
The Future of Retirement Income is Service
Horizons was a special event nestled on the coast outside of San Diego, where retirement income-focused advisors and financial services professionals gathered to connect as a community. Attendees came together to learn from one another, share best practices, and future-proof their businesses. This type of community is essential for staying ahead of industry trends, sharpening our skills, and providing the best service to our clients. Since retirement income planning is complex and still in its infancy, such collaboration is invaluable.
We are constantly developing new research around income distribution strategies, retirement income tax strategies, and financial products to serve today’s and tomorrow’s retirees. I expected to gain insights into various tactical retirement income distribution strategies and best practices from my friends and professional colleagues, including Wade Pfau, PhD, CFA, RICP®, Eric Ludwig, PhD, CFP®, Lindsey Lewis, MBA, CFP®, ChFC®, Carolyn McClanahan, PhD, Jeffrey Levine, CFP®, CPA/PFS, ChFC®, RICP®, CWS, AIF, BFA™, MSA, and Don Graves. As expected, they did not disappoint. I learned about innovative reverse mortgage strategies, money management tips for women in retirement, new insights from retirement income literacy research projects, and the importance of aligning distribution strategies with a client’s risk profile.
What Client Service Has to Do With Retirement Planning
What might surprise you is that my major revelation about the future of retirement income didn’t come from anyone in the retirement field. Instead, it came from American restaurateur Will Guidara. He is well-known for his books on client service, his co-produced show “The Bear,” and his remarkable tenure at Eleven Madison Park, a top restaurant in New York City. Over the past decade, I have had excellent experiences, attended hundreds of talks, traveled the world, and led advisor teams at some of the largest firms. However, I have rarely felt as inspired as I did after hearing Will’s speech. He told a room full of advisors and retirement income enthusiasts that the future wouldn’t be found in our calculations, research, products, and strategies, but something more human — exceptional service.
Will told a story about how at Eleven Madison Park they strived to deliver extraordinary client experiences. They did this through focus, being present, and truly listening to their clients. One day, they overheard that a couple that was dining with them had just been married, but due to some family dynamics had to cancel their wedding. The team got together, cleared their back space, figured out what would have been their first dance song, and set it all up. At the end of the evening, they took them to the back for their first dance. This was a truly special moment that cost almost nothing but time and listening. It elevated the experience to a crazy level and changed lives.
Retirement income strategies and best practices are essential to our work. Just as outstanding food is crucial for maintaining the status of a top restaurant, it serves as the foundation of our services. However, to truly stand out and be number one, we must go beyond just a good product; we must offer exceptional service.
How to Deliver Excellence in Retirement Planning Service
While delivering excellent service may seem straightforward, it can be quite challenging in today’s fast-paced world. Great service involves genuinely listening to clients and ensuring each person feels seen and heard. Remember, financial planning, investment management, and retirement income are all part of the financial services industry; at our core, we are a service industry. When a client says they are worried about market volatility we must stop and listen for the why. Did their parents lose everything in a market crash? Do they have children with special needs? If we listen to the why behind the strategy we can also deliver a better experience for clients.
Often, we forget that our primary purpose is to serve our clients. While goal-based planning was a positive step forward, many firms strategically collide to provide almost identical services and products, enhanced by scaled technology and a consistent narrative about efficiency. As a result, we risk losing the essential human element and connection. This ongoing pursuit of the efficient frontier threatens to take us away from providing the exceptional service our profession should strive to deliver.
As I headed home from Horizons, I felt inspired to prioritize service. I want my team to be constantly service-oriented. It’s important to me that every client feels their retirement income plan is the most significant. I want people to feel acknowledged and understood rather than being lectured. It’s essential for them to know that their plan is uniquely theirs. The future of retirement income planning is not just about the next strategy or product; it’s about delivering exceptional service that allows all Americans to feel heard and valued.
I want to challenge you to think about how you can enhance your service. How can you go beyond the mere delivery of our strategies and products to a new level? Where do you make people feel valued and heard? Do we celebrate everyone’s retirement? Do we recognize financial milestones with our clients? In a commoditized world of investments and advice, the only way to stand out and provide the exceptional planning clients deserve is to refocus on the client experience by delivering outstanding service.
More From The College
- Get the tools to meet your client’s retirement planning needs with the Retirement Income Certified Professional® (RICP®) Program
- Become a better planning partner by sharing The Retirement Course™ with your clients
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