I know, I know. “Charles, that’s a real stretch.” Just humor me a little and read along.

Robert retired at 64 with a solid chunk of money, a paid-off home, and what he described as 'a loose plan.' He and his wife had talked broadly about travel, spending time with grandchildren, and taking things day by day. What they hadn't done was sit down and map out how they wanted the next 20 or 30 years to look like, financially or otherwise.

Within two years, Robert was back at work part-time. Not because he had to be, but because he didn't know what to do with himself. The money was mostly fine. The plan wasn't.

Compare that to Don and Carol, who came in a year before retirement with a detailed list of questions. They knew what they wanted retirement to look like, had a clear picture of their income sources, and had thought through contingencies for healthcare, market downturns, and what would happen if one of them passed away first. They retired on schedule, traveled extensively, and at 78, Don told me it was the best decade of his life.

The difference between Robert and Don wasn't money. It was a plan and a vision that was consistently being revisited.

And here's a question worth sitting with: could that difference extend beyond quality of life?
Could having a real retirement plan, one that reduces financial stress and gives you a sense of security and purpose, actually affect how long you live? The research suggests the connection is more plausible than you might think.

Most People Underestimate How Long They'll Live

Before exploring that question, let's address a foundational problem: most people underestimate how long their retirement will actually last.

According to research from the TIAA Institute, only 32% of Americans correctly answered a basic question about the life expectancy of a 65-year-old. Another 35% underestimated it, and 24% said they simply didn't know. That means nearly 60% of people approaching retirement are planning for a shorter timeline than they're likely to face.

Here's what the numbers actually look like.

A 65-year-old man today can expect to live to about 84. A 65-year-old woman to about 86. But those are averages, and averages are pulled down by people who don't make it that far.

For a healthy couple both turning 65, the Society of Actuaries estimates a 50% chance that at least one spouse will live to 93.

If you're healthy and in your early 60s, there's a very reasonable chance you're looking at a 25 to 30-year retirement.

Most people aren't planning for that, and that gap between expectation and reality is where retirement plans quietly fall apart.

The consequences of underestimating longevity are real. People who expect shorter retirements save less, claim Social Security earlier than they should, and build plans that run out of runway. The TIAA research found that workers anticipating a longer retirement were significantly more likely to save consistently, over 70% of those expecting 20 or more years of retirement saved regularly, compared to just 50% of those expecting fewer than 10.

Longevity isn't just a financial variable. It's a planning variable. And getting it right changes everything downstream.

The Link Between Financial Security and Health

So, where does the longevity question come in?

Research consistently shows that financial stress is one of the most powerful predictors of poor health outcomes in older adults. Chronic stress elevates cortisol, disrupts sleep, weakens the immune system, and increases the risk of heart disease, cognitive decline, and depression. These aren't small effects; they're among the most well-documented pathways between psychological stress and physical health.

Retirees who have a clear plan, who know where their income is coming from, have accounted for healthcare costs, and have a strategy for market volatility, report dramatically lower levels of financial anxiety than those who are figuring it out as they go. And lower anxiety tends to mean better sleep, more consistent physical activity, stronger social engagement, and healthier behavior across the board.

A 2025 study from the Nationwide Retirement Institute and the American College of Financial Services found that retirees who plan for longevity report significantly greater confidence about retirement, with the key drivers being working with an advisor, having access to guaranteed income, and building a plan designed to last. Those aren't just financial outcomes. They're quality-of-life outcomes.

Nobody has published a study that says 'having a financial plan adds X years to your life.' But the chain of evidence is compelling: planning reduces stress, stress reduction improves health, and better health supports a longer life. It's not a direct line, but it's not exactly a stretch either.

There's also a broader point here. Research on what drives longevity in the world's longest-lived populations consistently points to a few common factors: a sense of purpose, strong social connections, regular physical movement, and a feeling of security. Financial planning, done well, directly supports that last one and creates the conditions for the others.

When you're not lying awake wondering whether your money will last, you're free to actually live. And people who live fully, staying engaged, purposeful, and connected, tend to fare better physically over the long run.

The Numbers That Should Reframe How You Think About This

The number of Americans expected to live to 100 is projected to quadruple by 2054. A woman who turned 65 in 2022 has nearly a one-in-three chance of living to 90, according to the Social Security Administration's 2025 Trustees Report.

And yet fewer than half of Americans incorporate their actual expected lifespan into their savings and investment decisions, according to the Nationwide survey. Only 26% can correctly estimate the life expectancy of a 65-year-old man.

This matters financially in a very concrete way. Extending a retirement from 30 years to just 35 years increases the risk of depleting savings by 41%, according to the American College of Financial Services. That's a five-year difference in lifespan, creating a 41% jump in financial risk for plans that were never built to go the distance.

The worst outcome in retirement isn't leaving too much money behind. It's running out before you're done.

What a Real Retirement Plan Actually Covers

When I talk about planning here, I don't mean having an investment account or a rough number in your head. I mean a genuine, written strategy that addresses:

Where your income will come from - Social Security, portfolio withdrawals, a pension, part-time work — and in what sequence.
How long your money needs to last - which means making an honest estimate about your own longevity, not defaulting to a round number like 85.
What healthcare will cost - including the pre-Medicare gap if you retire early, and the long-term care risk that Medicare doesn't cover.
How your plan holds up under pressure - a market drop, a health event, the loss of a spouse, a sustained stretch of inflation.
What retirement looks like day to day - purpose, structure, relationships, and how you'll spend your time.

That last point isn't a financial variable in the traditional sense, but it belongs in the plan. Robert had money and no structure. Don and Carol had both because they had planned for both.

Whether or not a retirement plan literally adds years to your life is a question science hasn't fully answered. But there's strong evidence that it reduces the kind of chronic stress that shortens lives, enables the kind of engaged, purposeful living that supports health, and gives you the financial security to stop worrying and start actually enjoying the retirement you worked for.

That seems worth planning for.

The Bottom Line

If you're within five years of retirement and don't have a dynamic retirement plan, this is the most important thing you can do right now.

Not because the numbers demand it, though they do. But because the research suggests that the act of planning itself changes outcomes. It reduces anxiety. It builds confidence. It creates the conditions for a retirement you can actually enjoy, for as long as you're around to enjoy it.

Planning for retirement isn't just about protecting your money. It's about protecting the life you've worked to build, and giving yourself the best possible chance of making the most of it.

Have any questions about what you’ve read? Let’s talk about them!