**GAO-10-632R**                      Published: Apr 28, 2010. Publicly Released: May 04, 2010.                  

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## Highlights

As the life expectancy of Americans continues to increase, the risk that retirees will outlive their assets is a growing challenge. Today, couples both aged 62 have a 47 percent chance that at least one of them will live to their 90th birthday. In addition to the risk of outliving ones' assets, the sharp declines in financial markets and home equity during the last few years and the continued increase in health care costs have intensified workers' concerns about having enough savings and how to best manage those savings in retirement. Congress asked us to examine (1) options retirees have for drawing on financial assets to replace preretirement income and options retirees choose, and (2) how pensions, annuities and other retirement savings vehicles are regulated.

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Charles Jeszeck
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Sarah Kaczmarek
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## Topics

Retirement Security

AssetsBeneficiariesEmployee benefit plansEmployee retirement plansIncome maintenance programsIncome statisticsIncome taxesIndividual retirement accountsInsurancePensionsRetireesRetirementRetirement ageRetirement benefitsRetirement incomeSocial security benefitsTax administrationTrust fundsFederal regulationsLossesFinancial condition