CHICAGO, March 26, 2013 /PRNewswire/ --One out of every four 65-year olds today will live past age 90. Yet, for 87 percent of our country's middle-income Americans age 55 and older, the idea of one's own longevity is often not contemplated or discussed, according to a new study released by the Bankers Life and Casualty Company Center For A Secure Retirement (CSR).

The study, Longevity Risk and Reward for Middle-Income Americans, which surveyed 500 Americans ages 55 to 75 with an annual household income of between $25,000 and $75,000, found that middle-income Americans do not spend much time thinking about longevity.In fact, for most, longevity is not a topic of discussion.

Discussing Longevity with Others

Self Perception on LongevityDespite their reluctance to discuss longevity, those surveyed accurately estimated average life expectancy for American adults. On average, respondents with a median age of 65 said they think they will live to age 86, irrespective of gender, income or health.

When it comes to perception of common factors influencing longevity, two-thirds feel that their life expectancy is out of their control, saying that genetics (65%) is the determining factor in how long they will live as compared to their own actions, such as eating right (46%), exercising (44%) or smoking (37%).

Longevity Risk and RewardsLiving longer has its rewards. Middle-income retirees say they are having experiences in retirement that they never imaged, such as travel, volunteering and community involvement.

However, longevity also comes with risk. According to the study, the two primary concerns are declining health associated with age, and the ability to create a sustainable retirement income that may need to last 20 years or more.

"Considering longevity and the risks of outliving retirement savings is a first step in developing and achieving heath, income and even personal goals for a satisfying retirement," said Chris Campbell, vice president of marketing and business development at Bankers Life and Casualty Company, a national life and health insurer. "Discuss with loved ones or a professional advisor how life expectancy may affect decisions you make about your retirement years."

Two Decades Separate Wisdom and Old AgeToday's middle-income Americans, ages 55 to 75, find themselves in their "wisdom" years, but not yet in "old age." Study respondents believe that wisdom comes with turning age 56, but old age does not really start until age 78.

Outlook on FutureWhen asked if their best years are ahead or behind them, the majority of middle-income retirees and pre-retirees are optimistic about the future. Six in ten (60%) middle-income Americans age 55 and older say their best years are ahead of them. Respondents attribute this to their positive attitude or outlook on life and freedom from work.

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Longevity Risk Not a Topic of Discussion for Majority of Middle-Income Americans, New Study Says