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Do you want to live to be 100?
If so, join the crowd. More than half of Gen Xers and boomers, and about 6 in 10 millennials and Gen Zers, hope to reach age 100, according to a 2024 study by Houston-based Corebridge Financial and the Longevity Project, an organization that promotes research on the effects of longer living.
Their chances are getting better. According to Census Bureau projections, the centenarian population will more than quadruple over the next three decades, from around 100,000 in 2024 to about 422,000 in 2054.
As life spans grow, are retirement strategies keeping up? In the Corebridge Financial survey, which involved nearly 2,300 U.S. adults ages 22 to 75, more than half (55 percent) of respondents said they were very or extremely concerned about running out of money in retirement.
“We have to get more financial education and awareness on what it means to live to 100,” says Bryan Pinsky, president of individual retirement and life insurance at Corebridge Financial. “For example, people ask themselves, ‘How would I want to spend my retirement?’ But it’s important to ask, ‘How am I going to afford my retirement?’ ”
It isn’t a question just for those aiming for triple digits. According to a 2023 study by the Center for Retirement Research at Boston College, approximately 1 in 4 men who were 65 in 2023 will live past 90, and more than 1 in 3 women will do the same.
Most of us want all the time we can get, to spend it with loved ones or pursue new experiences (the top two benefits of living to 100, according to the Corebridge Financial report). But if you’re anticipating a retirement that lasts 25 years or more, you’ll need your resources to last that long too. Here are 10 ways to increase the odds that you’ll have as much money as you have time.
1. Embrace the new retirement reality
When we think of retirement, many of us are influenced by what we’ve seen our parents and grandparents do. But for those aiming to live to 100, there aren’t many role models. Even if you have, say, a centenarian cousin, “someone who is 100 today more than likely benefited from a pension plan,” Pinsky notes. Nearly half of U.S. private-sector workers participated in a pension plan in 1980; the figure now is about 1 in 10.
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You’re considerably more likely to be responsible for saving for your later years through individual retirement accounts (IRAs) or workplace plans such as a 401(k). Get started as soon as you can afford to, and as you get older, take advantage of “catch-up” contributions. Under IRS rules, workers ages 49 and under can put up to $7,000 into an IRA and $23,500 into a 401(k) in 2025. The limits go up to $8,000 and $31,000, respectively, if you’re 50-plus.
SECURE 2.0, a retirement savings law passed by Congress in 2022, provides even bigger catch-up opportunities for people ages 60 to 63.
2. Diversify your retirement accounts
If you’re saving for a long retirement, consider using multiple accounts that have different tax treatments, says Chris Urban, founder of Discovery Wealth Planning in McLean, Virginia.
Suppose you have a tax-deferred account, such as a traditional 401(k) at work, where you don’t pay taxes until you start taking money out. You might then open a Roth IRA, where you pay taxes up front but can take withdrawals tax-free in retirement. Or you might open a taxable brokerage account, earnings from which are taxed at the lower capital gains rate (provided you’ve held the investments for at least a year).
The benefit of this approach is that you can factor in the tax consequences when determining which account to draw from at different times during your retirement. For example, if you are going to need more income in a given year (say, to travel or support a loved one), you could draw from the Roth account since that money won’t be taxed. Or, if you’re not bringing in much income from work or other sources, you could tap one of the taxable accounts without doing too much damage to your overall tax bill.
“Having the flexibility to draw from accounts with various tax treatments is going to give you the best chance for reducing your lifetime tax bill,” Urban says. “You’re not going to be overly exposed to whatever the government decides to do with tax rates at any point in time.”
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