Americans have their sights set on longevity. More than half say their goal is to live to 100 years, but they are uncertain their savings will last that long, according to a survey released Wednesday by AIG Life & Retirement.
Of the 53 percent whose goal is to be a centenarian, 51 percent are worried that their savings won't last for that long a life. Nearly six in 10 (59 percent) fear running out of money more than they fear death, the survey said.
The survey, which was conducted in December and January, polled 1,012 U.S. adults, ages 40 to 74, who had at least $50,000 in retirement accounts.
Thirty-nine percent of respondents cited deeper family relationships as the main reason for wanting to live 100 years. Another 32 percent said they wanted to see the world change, and 17 percent wanted to remain productive.
“We are excited that people want to live to 100,’’ said Todd Solash, president of Individual Retirement, AIG. "We all know that life’s a journey, not a destination. We will do anything we can to help them along,’’ he said.
The potential for serious health conditions topped the list (35 percent) of respondents’ worries. That was followed by the likelihood of burdening their family (27 percent) and running out of the money needed to live comfortably in retirement (25 percent).
Generating lasting retirement income (23 percent) and the rising cost of health care (23 percent) tied as the most significant financial challenge Americans said they would face when planning for retirement. These challenges were followed by concerns about Social Security and Medicare (19 percent) and stock market volatility (19 percent).
Respondents also said they worry about funding their retirement lifestyle through their retirement account investments, as opposed to a guaranteed source of income. Women (60 percent) more so than men (47 percent), are anxious about this.
Six in 10 respondents said a guaranteed $10,000 or more per year of retirement income would ease their minds and give them a greater level of happiness and satisfaction in retirement. And 75 percent said a guaranteed income every year for life would do it for them.
Respondents credited financial advisors with allaying their financial fears about growing older. Forty-five percent of those with advisors were very to extremely confident that their current retirement savings plan will sustain them until the age of 100. Only 8 percent of those without financial advisors feel the same way.
Only 16 percent of respondents said they were extremely confident that their partner would be able to manage his or her spending from retirement savings if they were to die first.