PLANSPONSOR - December 2018/January 2019 - 46

Making It Last
INVESTMENT FOCUS
Employees need to consider questions about saving and life expectancy
A
ccording to the Center for
Disease Control, today's 65-yearolds
can expect to live 20 years
longer, on average. Seventy-five-year-olds
are projected to reach 87.
" That's the retirement challenge,
extended longevity, for individuals who
are not professional investors and have to
ensure that their savings last a lifetime, "
says David Ireland, global head of defined
contribution (DC) for SSGA in Boston.
After a long decline that started in
the 19th century and bottomed out in
the mid-1990s, Americans' time on the
job is extending. Retirement observers
cite a recent broad average retirement
age of 62, with a trend toward later
departures. " From our Chase credit card
and banking database of 60,000 households-where
we observe people, on an
unidentified basis-we flag those we
think have retired, " says Katherine Roy,
chief retirement strategist at J.P. Morgan
Asset Management in New York. " Of all
of those, we see the median retirement
age over the last year or so at 64, with the
most common range of 60 to 69. "
American workers certainly make
the connection that living longer calls for
greater savings and that longevity on the job
is the first step toward mitigating longevity
risk in retirement: The Employee Benefit
Research Institute (EBRI) reported, from
its 2017 surveys, that 75% of older workers
expect to retire at 65 or beyond.
Yet, only about one-fourth succeed in
extending their careers. EBRI notes that,
in a minority of cases, people retire early
because they can afford it. Instead, most
have to leave work due to health problems
(41% in 2017) or have their jobs leave
them (26%), EBRI says.
Still, older workers are making an
impact on the U.S. labor force: A 2015
article from the Bureau of Labor Statistics
notes that workforce participation by
44 PLANSPONSOR.com December 2018-January 2019 Art by Sarah Mazzetti

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PLANSPONSOR - December 2018/January 2019

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