October 11, 2011 |

Longevity may be a financial risk for seniors

A majority of pre-retirees (ages 56-65) who participated in a quiz on retirement issues have misconceptions and misunderstandings of their post-retirement needs.

Results from The 2011 MetLife Retirement Income IQ, a study by MetLife Mature Market Institute, indicate that a majority of respondents (62 percent), saw increased longevity as the biggest financial risk to be faced. In other words, they are concerned that they will outlive their money. “Everyone knows they’re likely to live longer, but most don’t realize that can mean living past age 85 and they fail to calculate how much money they will need for a steady and lasting income,” says Sandra Timmermann, EdD, director of the Institute.

Another finding shows that despite years of public information on the costs of long-term care, 42 percent incorrectly believe that these costs will be covered by health insurance, Medicare or disability insurance.

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