A recent AARP survey found that about 61% of the 50 and older population are worried they do not have enough money to retire. These concerns are not unfounded - particularly for the 20% of older Americans with no savings - as a typical American who leaves the workforce at age 65 can expect to spend about $1.4 million over the course of their retirement.
Despite some setbacks in the wake of the COVID-19 pandemic, life expectancy at birth has been steadily climbing in recent decades in the United States. Between 1970 and 2019, average life expectancy increased from just under 71 years to nearly 79 years.
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