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Kiplinger

Business

Janet Bodnar

EXPLAINED: Will you outlive your money | Vintage Vibes

Medicare Medicaid TIAA

A senior couple on a bike ride in autumn nature. Taking break, drinking water from sport bottle and fastening helmet.

Ponder this question: On average in the U.S., how long will a typical 65-year-old live? When the TIAA Institute and Global Financial Literacy Excellence Center asked that question as part of their most recent Personal Finance Index survey, 35% of respondents underestimated the answer and another 24% admitted they did not know. Only 32% knew the correct answer: age 84 for men and age 87 for women.

Similarly, only about one-third knew the likelihood that a 65-year-old would live until age 90: 30% for men and 40% for women.

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