--- title: Americans Expect to Live to Age 88 — but Their Retirement Savings May Last Only Until 83 description: A survey finds Americans expect their retirement savings to run out by age 83, underestimate long-term care costs and misunderstand 401(k)s. authors: - name: Katherine Peach role: Associate Editor url: https://money.com/author/katherine-peach/ bio: Katherine Peach is an associate editor with a focus on news and email at Money. She didn’t always intend to write about money. She’s a classically trained pianist who dreamed of becoming an archaeologist. However, in 2007 Katherine began working in financial publishing as an editor for Agora Inc. (Apparently, unearthing ideas about improving your personal finances isn’t such a bad career alternative!) Katherine’s writing and editing work has been featured in Investing Daily, Clever, Investor Junkie, The Palm Beach Letter, Truth & Plenty, Independence Monthly, NICHE, AmericanStyle, AntiqueWeek, Millennial Money, Money Done Right, TheStreet, Sure Dividend and many others. Katherine holds a Bachelor of Arts in Ancient Studies with concentrations in Archaeology and Ancient Languages and a minor in Literature from the University of Maryland, Baltimore County. She is a member of Phi Beta Kappa. education: University of Maryland, Baltimore County at_money_since: 2025 articles: 15 covers: - Retirement - Banking - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Federal Reserve Rate Cuts - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Shopping - Taxes published: '2026-11-04T18:08:50.000Z' modified: '2026-11-04T18:08:50.000Z' section: Retirement tags: - News - Retirement word_count: 420 canonical: https://money.com/retirement-savings-running-out/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Person blowing 88 candle](https://img.money.com/2026/11/News-americans-retire-88-savings.jpg) Americans expect to live to age 88 but believe their retirement savings will only last until they're 83, according to new data from life insurance technology company Ethos. The [survey](http://www.ethos.com/life-insurance/how-long-can-you-afford-to-live/) of 1,000 U.S. adults found that 17% with retirement savings expect that money to run out before age 80. When people with no retirement savings were included, that percentage jumps to 47%. One major source of the disconnect is [long-term care](https://money.com/best-long-term-care-insurance/). Respondents estimated that a nursing home stay costs an average of $60,829 per year, which is about 54% of the actual national average of $112,420 for a semi-private room, according to the Federal Long Term Care Insurance Program's [2024 cost of care survey](https://cdn.ltcfeds.gov/planning-tools/downloads/Cost-of-Care-Survey.pdf). The gap highlights how underestimated care expenses could leave retirees financially vulnerable — particularly those who haven't factored extended care needs into their retirement plans. The actual cost of care also changed respondents' perceptions of how long they could afford to live. After being shown the nursing home figures, confidence in being able to afford living to age 80 declined across every generation surveyed. Gen Z respondents saw the sharpest drop, from 61% to 51%, while confidence among baby boomers fell from 67% to 62%. [Medicare](https://money.com/medicare-open-enrollment-2027/) generally does not cover custodial long-term care, meaning retirees may need to rely on personal savings or other coverage to pay for assistance with everyday activities over an extended period. ## Many Americans misunderstand how their retirement savings work The survey also found that many Americans misunderstand how their retirement accounts work. Among respondents with a 401(k), 40% expected the account to provide a monthly paycheck for life, which is a feature a traditional 401(k) does not automatically offer. That figure climbed to 48% among those who identified a 401(k) as their primary retirement savings vehicle. Meanwhile, 66% of respondents said they would prefer a smaller guaranteed income stream for life over a larger retirement balance that could eventually run out. Another 33% said they would convert roughly half their retirement savings into guaranteed income if given the option, while 29% would convert a quarter. Despite concerns about outliving their money, Americans also appear reluctant to reduce the amount they plan to leave their families. If told they would live to 95, 36% said they would work longer, and another 36% would downsize or reduce their lifestyle. Just 4% said they would cut their planned inheritance. Interestingly, more respondents worried about dying too soon (47%) than outliving their money (29%), underscoring the competing financial concerns Americans face when planning for retirement. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/retirement-savings-running-out/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Retirement", "item": "https://money.com/retirement/" }, { "@type": "ListItem", "position": 3, "name": "Retirement Planning", "item": "https://money.com/retirement-planning/" }, { "@type": "ListItem", "position": 4, "name": "Americans Expect to Live to Age 88 — but Their Retirement Savings May Last Only Until 83" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/retirement-savings-running-out/#webpage", "url": "https://money.com/retirement-savings-running-out/", "name": "Americans Expect to Live to Age 88 — but Their Retirement Savings May Last Only Until 83", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2026-11-04T18:08:50.000Z", "mainEntity": { "@id": "https://money.com/retirement-savings-running-out/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/retirement-savings-running-out/#breadcrumb" }, "dateModified": "2026-11-04T18:08:50.000Z" }, { "@type": "NewsArticle", "headline": "Americans Expect to Live to Age 88 — but Their Retirement Savings May Last Only Until 83", "articleSection": "Retirement", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2026/11/News-americans-retire-88-savings.jpg", "width": 2880, "height": 1920, "caption": "News-Americans-retire-88-savings" } ], "author": [ { "@type": "Person", "name": "Katherine Peach", "url": "https://money.com/author/katherine-peach/", "@id": "https://money.com/author/katherine-peach/#author", "description": "Katherine Peach is an associate editor with a focus on news and email at Money. She didn’t always intend to write about money. She’s a classically trained pianist who dreamed of becoming an archaeologist. However, in 2007 Katherine began working in financial publishing as an editor for Agora Inc. (Apparently, unearthing ideas about improving your personal finances isn’t such a bad career alternative!)\r\n\r\nKatherine’s writing and editing work has been featured in Investing Daily, Clever, Investor Junkie, The Palm Beach Letter, Truth & Plenty, Independence Monthly, NICHE, AmericanStyle, AntiqueWeek, Millennial Money, Money Done Right, TheStreet, Sure Dividend and many others.\r\n\r\nKatherine holds a Bachelor of Arts in Ancient Studies with concentrations in Archaeology and Ancient Languages and a minor in Literature from the University of Maryland, Baltimore County. 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