Retirees Aren’t Properly Preparing for This 1 Thing, Study Finds

Many retirees aren't properly preparing for one major thing, according to a new study.

That being: Their longevity. "Healthy individuals, especially those with higher incomes, face a real possibility of living past 100, making traditional 30-year retirement plans insufficient for many," according to research published on Nationwide.

"While lifespans are rising well into the 90s and beyond, financial planning hasn’t kept pace. As a result, millions face a growing risk of outliving their savings," according to Nationwide, which noted that the research is part of the Nationwide Retirement Institute’s Century Club campaign.

The study advised: "Products like annuities, long-term care insurance and lifetime income options within employer-sponsored retirement plans can help pre-retirees achieve a more secure retirement."

The researchers provided data showing that living past 90 or even to 100 is no longer as rare as one might think.

"It’s no longer rare to live past 90 — or even 100. For healthy, higher-income individuals, the odds of joining the “Century Club” are rising fast. In fact, 1 in 5 healthy couples retiring at 65 will have at least one partner live beyond age 100. That makes planning for longer life spans essential," they wrote.

"Most people, however, still plan as if retirement will last 30 years. That gap creates real risk," they wrote. 

" A longer time horizon requires more savings, a smarter withdrawal strategy and realistic expectations about market returns. In fact, Monte Carlo failure rates rise by 41% when adjusting from a 30-year to a 35-year retirement — and by more than 300% if near-term returns are lower," the researchers wrote.

A March 2025 Insights report by the same organization found that people underestimate how long they will live.

"A majority of both audiences - 57% of consumers and 63% of workers 55-65 - also do not expect to live to 100, and their behaviors reflect this belief. When planning
for retirement, less than half of consumers (48%) are considering how old they will live when making decisions about investments," that report says.

Very few people think they could afford 35 years of retirement, according to the report, which notes that most people surveyed were concerned about the idea of living to 100.