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Are you ready for a longer retirement?

Retirement is getting longer. The number of people 100 and older¹ is expected to quadruple by 2060, and more than half of retirees stopped working sooner than they planned, at an average age of 56.² With retirement starting sooner and ending later, you’ve got less time to save and more time to live off your savings. We’ve put together five practical ways to help you plan for a retirement that may last 40 years.

How do you prepare for a 40-year retirement?

With a retirement that could last 40 years, the big question is—what will those years look like? If planning were as easy as looking into a crystal ball, you’d know exactly when you’ll retire and how long your savings need to last. In reality, no one can predict that, which is why planning ahead really matters.

If getting ready for the future feels overwhelming, you’re not alone. In a study we did with the MIT AgeLab,³ we learned that Americans are not well prepared for a longer life. And it’s not just about saving money or being healthy. Preparing for longevity also includes having a plan for your social life, housing, community, caregiving, and more. 

The good news? There are practical steps you can consider taking—starting now.

1 Make saving for retirement a priority 

If your employer offers a retirement plan, enroll as soon as you’re eligible. The sooner you start saving, the more time your money can benefit from compound interest, which is when your contributions and any earnings keep building on each other. 

Two-thirds of retirees wish they’d saved more. So, consider taking whatever steps you can today, no matter how small—even saving 1% more today can make an impact on your future. And don’t miss out on employer matching contributions—it’s extra money added to your account. 

If you can, try and save up to the IRS limits. And if your plan offers automatic increases, consider turning it on so your savings rate goes up gradually each year without you having to take any action. 

2 Be ready because retirement may come sooner than you expect

Retirement may feel far off, but it often comes sooner than expected and not always by choice. Nearly 70% of early retirees stopped working due to personal health issues or to care for a loved one. 

That’s why getting ready now can make a big difference. A good place to look is your company’s retirement plan website. You’ll likely find helpful financial education and wellness resources. Learning about topics such as retirement planning, budgeting, emergency savings, and paying off debt can help you prepare.

3 Write down your plans for retirement 

Only about a third of workers have a formal plan for how they’ll spend their time and money in retirement, but those who do feel more confident and less stressed about their finances. 

Putting together your plan helps you figure out how much money you may need, what kind of lifestyle you can afford, and if you’re on track with your savings. When you can see your path laid out, the whole process can feel a lot less overwhelming. You can use available calculators and tools to personalize your plan.

4 Work with a financial professional

Getting financial advice can make a big difference. Seventy-six percent of people who work with a financial professional feel their finances are in good shape, and only 14% worry about money. Without that support, it’s easy to feel overwhelmed or unsure about your financial decisions.

A financial professional can help you set goals, build a plan, and adjust as life changes. Regular check-ins keep you on track. They can also bring structure, discipline, and tax-smart strategies to help you make more confident decisions and potentially avoid costly mistakes.

5 Think about more than money

Longevity planning isn’t just about your finances. It’s about helping you plan for a retirement that feels meaningful and sustainable. To age well, consider all areas of your life:

  • Health—Prioritize your health, craft a wellness plan, and stay on top of your game with regular checkups, exercise, a healthy diet, and enough sleep.
  • Daily activities—Plan a routine that balances responsibilities with things you enjoy doing.
  • Social connections—Build a strong network to support your mental and physical health.
  • Care—Discuss your preferences, roles, and potential costs with your family.
  • Home—Look for ways to make your home safe and comfortable so you can stay independent. 
  • Community—Consider cost of living, accessibility, social opportunities, environment, and local services when choosing where to live.
  • Life transitions—Plan for big changes later in life, such as retirement, moving, caregiving, and legacy planning. 

Planning for a longer retirement with confidence

A longer life is something to look forward to—but it also means planning differently for retirement. Starting early, saving consistently, creating a plan, getting expert help, and planning for all aspects of living longer can help you build a future that feels comfortable and fulfilling. You don’t have to do everything at once. Even small steps now can make a big difference later.

Discover our guide to thriving in retirement.

 

1 Number of people 100 and older is growing in U.S. and around the world, Pew Research Center 2 Manulife John Hancock Retirement’s eleventh annual financial resilience and longevity survey, Manulife John Hancock Retirement, Edelman Public Relations Worldwide Canada Inc. (Edelman), June 2025. This is a commissioned study with the respected research firm Edelman Public Relations Worldwide Canada (Edelman). This information is general in nature and is not intended to constitute legal or investment advice. Edelman and Manulife John Hancock Retirement are not affiliated, and neither is responsible for the liabilities of the other. This report presents the results of research conducted by Edelman on behalf of Manulife John Hancock Retirement. The objectives of this study were to ((1) quantify the financial situation and level of financial stress of John Hancock plan participants and American retirees; (2) determine the key triggers of financial stress; (3) understand the extent to which actions, including actual financial behavior and planning activity, ameliorate stress; (4) assess longevity and retirement preparation and readiness; and (5) investigate custom insight around how retirees are faring in retirement. This was an online survey comprised two participant samples: Manulife John Hancock Retirement plan participants and American retirees. The Manulife John Hancock Retirement plan participant sample comprised of 2,534 Manulife John Hancock Retirement plan participants. The survey for this sample was conducted from 05/09/25 through 06/02/25 with an average survey length of approximately 19 minutes per respondent. Respondents were located from a list of eligible plan participants provided by Manulife John Hancock Retirement. The American retiree sample is comprised of 512 retired Americans, sourced through Angus Reid’s research panel. The survey for this sample was conducted from 05/09/25 through 06/02/25, with an average survey length of approximately 19 minutes per respondent. All statistical testing is done at 0.95 significance levels. Percentages in the tables and charts may not total 100 due to rounding and/or missing categories. 3 The Longevity Preparedness Index was conducted online and by phone interview in English, sourced through the NORC AmeriSpeak Panel. The sample was a U.S. representative sample comprised of 1,307 Americans, aged 18 and up, with specific oversamples of non-Hispanic black panelists, hispanic panelists, and non-Hispanic Asian American and Pacific Islander panelists to ensure adequate sample size for sub-group analysis. During analysis, survey responses were weighted to represent the U.S. population. Survey data were collected from 5/14/25 to 6/5/25, with a median survey length of approximately 25 minutes per respondent. LPI scores can range from 0 (not at all prepared for longevity) to 100 (completely prepared for longevity). The overall LPI is composed of eight domains. Domain scores are each calculated independently and can range from 0 to 100. All eight domain scores were averaged to calculate the overall LPI score. Eight to 26 unique survey items are used to represent preparedness for each domain. Each domain captures positive behaviors toward longevity preparedness and awareness of the importance of a domain. Missing data were handled by imputation based on modal scores by age, gender, and income. Based on respondents aged 65-85, survey items were weighted to indicate their contribution to preparedness within a domain. Items with low weights were removed from score calculation. Behavioral scores (weight 75%) and awareness responses (weight 25%) were combined to create a domain score that can range from 0 to 100. The Longevity Preparedness Index was developed in collaboration with MIT AgeLab and funded by John Hancock Life Insurance Company (U.S.A.). While financial support was provided for the research, it did not influence the findings, methodology, or conclusions.

The content of this document is for general information only and is believed to be accurate and reliable as of the posting date, but may be subject to change. It is not intended to provide investment, tax, plan design, or legal advice. Please consult your own independent advisor as to any investment, tax, or legal statements made.

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