What Your Clients Don’t Know About Longevity Could Hurt Their Retirement
January 23, 2023 by Michael Finke
Do you know how long an average 60-year-old American will live?
Most people don’t. When given four possible responses, only 37% correctly identified the average longevity of men and women in a recent survey conducted by researchers from the George Washington University Global Financial Literacy Excellence Center and the TIAA Institute.
Click HERE to read the full story via ThinkAdvisor
Wink’s Note: My friend Michael Finke at The American College of Financial Services
had a great article today, with a bunch of stats that I loved.
He referenced a study done by George Washington University Global Financial Literacy Excellence Center and the TIAA-CREF Institute, which indicates that “the motivation to save [for retirement] is influenced by how long I think the average retiree will live.”
Imagine that!
So it appears, that if we educate Americans on how long they are going to live, it may motivate them to save more. (I can just see the average annuity case size increasing here.)
Annamaria Lusardi, a professor of economics and accountancy at George Washington University, feels hat “the government should do more to provide basic longevity literacy education.”
YASSS!
I enjoyed the article; I hope you will too. – sjm
