Older Americans are paying attention to the steady stream of research findings and stories about impressive gains in longevity.

In particular, we have a pretty accurate view of the increases achieved in average life spans, according to the sixth biennial study of longevity sponsored by the Society of Actuaries (SOA).

Ask Americans age 65 and older how much longer they expect to live, and you're likely to get a fairly accurate response, the SOA reports. "By age 65, U.S. males in average health have a 40 percent chance of living to age 85 and females more than a 50 percent chance," the report says, and "the survivor of a 65-year-old couple is more than 70 percent likely to reach 85."

There also are encouraging signs that this recognition is leading to changes in financial planning and preparation for a longer retirement. In particular, greater attention is being paid to the age at which people begin to collect Social Security.

The program's early-retirement benefits can begin at age 62, but rise by about 8 percent a year for each year benefits are delayed until age 70. As people have become more confident that they will live to older ages, the appeal of delaying Social Security is on the rise.

But if we "get it" about longevity, the SOA warns, we still have a very sketchy understanding of longevity risks, a catch-all term that encompasses concerns about amassing enough money for retirement and then producing sufficient annual income payments so that we do not outlive our assets. "Many fail to understand the potential consequences of living beyond their own planned life expectancy," the report says. "Many people are not focused on risk management, and making assets last for the rest of their lives is not their highest priority."

In thinking about the implications of longevity, three strong themes emerge from the SOA's research and public polling:

1. Beware of the averages. By definition, our collective life spans represent an accurate figure on average longevity. But individual life spans differ greatly from these averages. "When people are told they will live to an age such as 80 or 85, they don't realize this means there is a 50 percent chance they could live longer than that age," the report says. People with lots of education and financial resources are likely to live much longer than average.

Likewise, Americans with little money or schooling are likely to live shorter lives, a fact that is often overlooked in proposals to increase the Social Security retirement age. The nation's longevity gap is distressingly large, the SOA report notes. "In the poorest part of the United States, life expectancy at birth is as low as in countries like Panama or Pakistan, a full 15 years behind the wealthiest and healthiest regions of the nation, where it rivals that of world leaders, Switzerland and Japan."

2. Understand your health risks. Lifestyle choices dominate longevity gains until we reach old age, the SOA says, at which point genetics is the greatest driver of remaining life spans. Beyond influencing how long we live, the ways we take care of ourselves can also determine the quality of our lives as we age as well as the financial burden of older-age health expenses.

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Longevity: Make It For Better, Not Worse