Worker Expectations for Retirement Longevity

This report examines the expectations of workers regarding the duration of their retirement, focusing on how these expectations are shaped by perceived life expectancy. It discusses the inherent uncertainty in predicting retirement length and the implications this has on retirement planning. The findings indicate that a significant portion of U.S. workers anticipate long retirements, with about 20% expecting to retire for at least 30 years. The report highlights the relationship between expected lifespan and retirement age, noting that a one-year increase in expected lifespan correlates with an 11-month increase in expected retirement length. Additionally, it addresses the impact of misperceptions about life expectancy on retirement planning, revealing that many workers underestimate general life expectancy, which can lead to inadequate financial preparation. The report emphasizes the importance of accurate information in shaping realistic expectations for retirement, which can ultimately influence financial security and planning behaviors.