Americans want to live to 100, but can they afford a 30-year retirement?

investmentnews.com:

Millions of Americans are hoping for the length of retirement previously enjoyed only by those who could afford to give up work in their 50s or lived well beyond the average.

While official CDC figures show that US life expectancy averages 73.5 years for men and 79.3 years for women, a new report shows ambition to defy the stats, raising the question of how retirees will be able to afford the lifestyle they want.

The survey from Corebridge Financial and The Longevity Project reveals that 54% of respondents say their goal is to live to 100. But that does not necessarily mean they plan to work longer to fund a retirement running to three decades or more, with 40% still aiming to retire between 65 and 69.

More than a quarter say they will have to work until they are past 70, while 22% want to retire when they are aged 62-64, and 12% are aiming for 50-61 (17% among Gen Zs). If they were to then live to 100, the most optimistic cohort would need to fund a five-decade retirement.

“A longer life presents exciting new opportunities but will require thoughtful planning and purposeful action,” said Bryan Pinsky, president of individual retirement at Corebridge Financial. “Balancing the age you want to retire with your financial situation can be challenging. Individuals need the right financial strategies and solutions to help ensure they can pursue quality of life without outliving their money.”

The ambitious retirement hopes of poll participants are at odds with their retirement planning, with only 24% believing that their current retirement investments will provide the retirement income they need, whether that’s 30 years or a different duration.

However, 27% are extremely confident that they won’t outlive their retirement