In a recent TIAA Institute study, 43% of women correctly estimated the life expectancy of 60-year-old women in the U.S. (The right answer was 85.) Only 32% of men chose the correct answer for the life expectancy for 60-year-old men, which was 82. Men also were far more likely than women to underestimate life expectancy — and that’s a huge potential problem for both sexes.
A man who expects to die in his 70s might draw too much from retirement funds or start Social Security too early. That could leave him — and the spouse who may outlive him — with too little income later on.
In my latest for the Washington Post, learn what you can do to protect against longevity risk.