3 Retirement Concerns To Plan for Now as Over Half of Americans Aim To Live to 100

jacoblund / Getty Images/iStockphoto

According to some researchers, the first person who will live until 150 has already been born. But for now, making it to 100 is the more realistic milestone — and more than half of Americans have a goal of getting there, according to a new study. The challenge is developing a retirement plan that can take you comfortably through three decades or more.

Check Out: 7 Things You’ll Regret Downsizing in Retirement
Explore More: One Smart Way To Grow Your Retirement Savings in 2024

Despite aspirations of celebrating a 100th birthday, only 26% of Americans believe they will have to work past age 70, according to the Corebridge Financial and The Longevity Project study, which included a survey of 2,284 U.S. adults. Four in 10 respondents said they plan to retire between ages 65 and 69. More than one-fifth (22%) expect to retire between ages 62 and 64, while 12% plan to retire between 50 and 61.

“Balancing the age you want to retire with your financial situation can be challenging,” Bryan Pinsky, Corebridge’s president of Individual Retirement, said in a March 12 press release. “Individuals need the right financial strategies and solutions to help ensure they can pursue quality of life without outliving their money.”

Here are three of the main retirement concerns cited by Corebridge survey participants:

1. Losing independence: 58%

2. Running out of money: 55%

3. Being a burden to family: 52%

Financial issues are such a big worry that two-thirds of survey respondents fear running out of money more than they fear death — up from 59% in Corebridge’s 2018 study.

Of the four generations most recently surveyed, GenXers fear running out of money more than death in the greatest numbers, followed by baby boomers and then millennials. GenZers are the only generation to say they fear death more than running out of money.

Interestingly, 59% of survey respondents with higher asset levels ($500,000+) still fear running out of money more than death, according to the latest study.

Less than half of those surveyed (43%) believe their current retirement investments will provide them with retirement income that lasts more than 20 years, or as long as they need it. This is a “clear challenge” for individuals facing the prospect of being retired for 30 years or more, Corebridge noted, and “undoubtedly” contributes to concerns about running out of money in retirement.

There are a few ways you can prepare successfully for a long retirement — and one of the most effective is to hire a financial advisor to help you develop the right strategy. Corebridge also recommends refreshing your skillset, contributing to retirement savings plans and taking advantage of retirement education and engagement programs offered by your employer.

“Regardless of how long an individual decides to work, they should take full advantage of the financial planning opportunities available through their employer,” said Ken Stern, founder and chair of The Longevity Project. “At the same time, there are opportunities for flexible work, job sharing and even second-act careers, all of which can help fund longer lives with the added benefit of helping people stay engaged and energized for many more years.”

More From GOBankingRates

• Downsizing for Retirement? Avoid These 6 Mistakes

• 5 Rare Coins That Sold for At Least $600,000

• These 10 Aldi Brand Products Are Worth Every Penny

• The Biggest Mistake People Make With Their Tax Refund -- And How to Avoid It

This article originally appeared on GOBankingRates.com: 3 Retirement Concerns To Plan for Now as Over Half of Americans Aim To Live to 100