Retirement
Americans are spending more time in retirement than ever before. 81% of people age 62 will live to 82 years old, with many living well beyond that age.2 At retirement, some participants decide to take a lump sum payment from their 401(k) plan and count on drawing down their savings for the remainder of their lives. This doesn’t account for longevity risk (the risk of outliving your savings) and the possibility of spending your savings too quickly. And, living longer means that your retirement savings may have more exposure to market volatility and fluctuations. About half of pre-retirees and retirees think they may have underestimated the amount they should have saved, underestimated their life expectancy and overestimated how long their retirement savings will last.3
There are several risks you have to account for as you plan for the 20 or more years you may spend in retirement, including:
Lifetime income solutions convert all or a portion of your retirement savings into monthly income payments that:
The steady stream of income provided by lifetime income solutions can help pay for everyday expenses in retirement, such as groceries and utilities, as well as unexpected costs that can arise, such as healthcare or family-related expenses.4
Use MetLife’s interactive tool to discover if you have a retirement income gap—the difference between your anticipated retirement income and estimated monthly expenses.
