Jackson National Life Insurance Company, in partnership with the Center for Retirement Research at Boston College, published a study on how retirees and financial professionals perceive retirement risk and the possibility of outliving income.

Why it matters: Longevity risk is more significant than ever before.

  • Every day, an estimated 10,000 baby boomers reach the traditional retirement age of 65.
  • A key challenge facing retirees is how not to exhaust their assets when faced with the possibility they may live longer than expected.

By the numbers:

  • Only 12 percent correctly estimated their life expectancy, increasing the likelihood they will outlive their assets and potentially suffer a lifestyle decline.
  • More than 40 percent of the investors surveyed rely on the age of a parent at death to project their life expectancy. While useful, this data point is not an accurate predictor.

Read the full report.