A report from the TIAA Institute reveals that while boomers expect to live into their 90s, only 9% are planning for a retirement of 30-plus years. Failing to prepare for a long retirement is a common mistake that could lead to running out of savings and financial insecurity in old age. Planning for longevity is crucial to ensure income lasts as long as you do in retirement, especially with increasing life expectancies and the need for income lasting 20-30 years or more. It’s essential to save enough money to support your lifestyle throughout retirement, even into your 80s and 90s.

To help secure financial stability for a lengthy retirement, consider setting clear goals for your retirement years, including how you envision your life in your later years. It’s crucial to create a savings strategy that aligns with your dreams and maximizes retirement plan contributions. Annuities can provide a source of guaranteed lifetime income to support you throughout your retirement. Seeking advice from a financial expert can help improve retirement outcomes and readiness at every stage of your retirement planning journey.

Read more at Yahoo Finance: The Retirement Time Bomb Boomers Are Ignoring