Longevity planning gaps persist as new tool highlights weak readiness among Americans

Many Americans are not adequately prepared for longer lifespans, and existing approaches may not fully capture the risks, according to the developers of a new assessment tool. 

John Hancock and the MIT AgeLab have created the new tool, designed to measure how ready individuals are for later life across a broader set of factors than traditional financial planning models typically consider.

The US population aged 65 and older is expected to grow from 58 million to 82 million by 2050, extending retirement periods and increasing exposure to risks tied to health care, housing, and long-term support.

Data from the Longevity Preparedness Index points to notable gaps with US adults scoring an average of 60 out of 100 in overall preparedness, with weaker results in areas such as financial security, health, housing, and care planning; areas that can materially affect outcomes in later life.

The new tool attempts to quantify those gaps at an individual level. Users complete a short questionnaire covering eight areas, including finances, health, and social connection, and receive a score intended to highlight strengths and vulnerabilities.

While retirement planning has historically focused on income replacement and portfolio performance, the index suggests outcomes are also shaped by non-financial factors such as housing stability, access to care, and social support.

“The Longevity Preparedness Index was designed to highlight the many elements that contribute to a life well lived – not just more years, but better years,” said Dr. Joseph Coughlin, Founder and Director of the MIT AgeLab. “By giving people access to their own longevity preparedness score, we can empower them to understand their strengths and gaps, and to take tangible steps toward greater readiness. Research is most valuable when it drives informed action, and this tool is designed to support that goal.”

As lifespans extend, many individuals remain underprepared in ways that go beyond savings levels, leaving advisors to address a wider and more complex set of risks.

“This is more than a planning tool, it’s a resource that can help translate insights into real-world decision-making” said Wayne Park, CEO, Manulife John Hancock Retirement. “It’s a powerful catalyst for holistic planning conversations, helping individuals prepare for longevity with confidence and clarity.”