At a glance
- Nearly one in six, or 17%, expected savings to run out before 80; including those with no savings, 47% had nothing set aside or expected to deplete it before that age.
- Advisors have a concrete decumulation input: a client budgeting $60,829 a year for a semi-private room is short more than $50,000 a year against the national average.
- The survey found 40% of 401(k) holders expected the account to pay a monthly check for life, a feature a traditional 401(k) does not automatically provide.
Americans on average expect retirement savings to run out at 83, five years before the age they hope to reach, an Ethos survey of 1,000 U.S. adults found, InvestmentNews reported.
Nearly one in six, or 17%, expected savings to run out before 80; including those with no savings, 47% had nothing set aside or expected to deplete it before that age.
Respondents guessed a nursing home stay cost $60,829 a year, 54% of the $112,420 national average for a semi-private room, the Federal Long Term Care Insurance Program's 2024 survey shows.
Advisors have a concrete decumulation input: a client budgeting $60,829 a year for a semi-private room is short more than $50,000 a year against the national average.
The survey found 40% of 401(k) holders expected the account to pay a monthly check for life, a feature a traditional 401(k) does not automatically provide.
Reported by the Tax & estate planning desk from InvestmentNews. Published . Corrections