More Retirees Will Have Late-Life Financial Risks, Study Finds

As life expectancy rises, more retirees will have to deal with late-life financial risks, finds a Center for Retirement at Boston College study.

The report says those risks may include out-of-pocket medical costs, financial mistakes due to cognitive decline and widowhood.

According to the study, the reasons for the concern are the rise of 401(k)s and the declining role of Social Security’s widow benefits.

Researchers say their results give researchers, policymakers and individuals the opportunity to put plans into place before it is too late.