In the past 20 years, the life expectancy of the average American increased about two years, according to the World Health Organization. Getting to hang around for a few more years means more time to travel, bond with family or do whatever it is you want to do. Of course, you'll need money to check off items on your bucket list, which could be a problem.
A new report from organizations of actuaries in Australia, the U.K. and the U.S. says people tend to underestimate how long they'll live and don't understand the risk that poses to their financial stability. Some of the biggest obstacles people face in saving for retirement are getting information on how to save and understanding what's considered adequate savings for retirement. The researchers say consumers and policymakers alike need to be better educated about financial planning for the population's increasing longevity.