A significant share of older Americans underestimate how long their retirement is going to last: i.e., how long they are going to live. Most people know that the average American lives to an age between 75 and 80. Less well known, apparently, is that life expectancy rises with age. At age 60, an American man can expect to reach 82; a woman, 85. That knowledge is called longevity literacy, and many of us don’t have it. In a 2022 survey by the insurer TIAA, one-quarter of Americans underestimated the life expectancy of a 60-year-old. Another 28 percent said they didn’t know it. Even among baby boomers, the youngest of whom are nearing 60, more than two-fifths of survey responden
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