People are living longer than ever, and that’s creating a new benefits reality.
According to the Pew Research Center, the number of Americans aged over 100 is projected to quadruple in the next 25 years. With “retirement” now potentially lasting 30-plus years, the traditional model of retiring at age 65 is increasingly obsolete, bringing a new set of challenges for employers and employees alike.
For employers, longevity is not just a retirement planning issue. It is a talent, productivity, and retention issue. As employees work longer, financial decisions around health care, caregiving, Social Security, equity compensation, debt, and lifetime income grow more complex. Treating financial planning as a core benefit — by integrating access to Financial Advisors and planning tools with existing benefits like retirement plans, HSAs, equity compensation, phased retirement, and caregiving support, can help employees make better day‑to‑day decisions that align with a larger, long‑term plan.
Employees are asking for both sides of that equation: In Morgan Stanley’s 2025 State of the Workplace Financial Benefits research, access to a Financial Advisor was the most valued form of retirement assistance, and nine in ten employees said they were more likely to stay when benefits align with long‑term needs. When retirement feels like a multi-decade project, access to professional guidance helps employees connect today’s choices to the life they’re trying to fund decades from now.
Embedding planning within the workplace and linking it to benefit decisions can help turn intent into action. Here are several ways employers might consider adapting to meet the evolving demands of longevity.
Navigating decades of retirement requires more than a larger 401(k) balance.
Employees need a way to coordinate income decisions (including tax-aware withdrawal strategies), healthcare and caregiving costs, and what is known as longevity risk: the potential to outlive one’s savings. That’s before factoring in estate planning, education costs, and multigenerational wealth decisions.
Employers can help by connecting benefits programs to comprehensive financial planning resources. Offer access to professional guidance and goal‑based digital planning tools, then actively connect them to the moments when employees are most likely to act: new hire onboarding, annual enrollment, promotions, equity grants, a new child, a leave of absence, or a return-to-work transition.
Just as importantly, timely, plain‑English education can replace generic content with targeted guidance that reflects where employees actually are in life and what choices they need to make.
Morgan Stanley research shows employees value access to a Financial Advisor above all other retirement planning support, followed by goals‑based planning and retirement income solutions. When done well, planning moves from theory to practical decisions—when to claim Social Security, how to use HSAs, how to manage equity compensation, and how to stress‑test income over decades.
Longer lives mean longer exposure to chronic conditions, rising medical costs, and a greater likelihood of needing care. Preventive care, mental health support, and wellness programs are all becoming essential. Deloitte estimates that Americans currently live only 85% of their lives in good health, but with the right interventions, that number could rise to 95%—adding nearly 20 healthy years to the average lifespan.
In a benefits context, “healthy years” aren’t just aspirational. They often determine whether retirement is financially stable or derailed by medical costs, disrupted work, and caregiver strain. Employers can meaningfully intervene by making preventive care easy to use, treating mental health as both a human and productivity issue, and integrating wellness with financial planning. Because health and finances are deeply intertwined—stress harms health, and illness creates financial shocks—benefits that reduce risk on one side tend to strengthen the other, while improving wellbeing, reducing absenteeism, and supporting sustained productivity.
Research shows that most Americans turning age 65 will need long‑term care services at some point, with roughly 20% needing care for five years or longer. Yet many are not planning for this expense. In response, some employers are beginning to offer group long-term care insurance or caregiving support benefits.
Beyond leave, offering caregiving navigation can also help – because paid time off is essential, but employees also need help finding resources, understanding options, and making decisions under stress. For the “sandwich generation” caring for aging parents and growing kids while planning for their own future care, these benefits can provide critical financial and emotional support.
Caregiving demands thoughtful financial planning. Workplace benefits like financial education and access to professionals can help employees prepare. Employers can reduce disruption and “silent attrition” by creating a clear caregiver pathway so employees know where to turn as soon as caregiving begins. Because caregiving affects retirement timing, savings, insurance, and housing, a formal financial plan gives employees a realistic framework for support over time.
The Retention Case Is Real
With lifespans stretching and retirements often lasting decades, employers can’t afford to treat retirement at 65 as a standalone event. Longevity demands a system: planning plus benefits plus real decision support at the moments that matter. Weave access to financial planning into the benefits you already offer, so employees can make coordinated choices and work with knowledgeable professionals to prepare for increasing demands on their saving, investing, healthcare, income, caregiving and estate planning.
The retention upside is real: 91% of employees say they’d feel more invested in staying if offered tailored financial benefits.
In a longevity era, the employers that stand out won’t be those with the most benefits, but those that help employees use them effectively—through integrated financial planning that turns complexity into confident action.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
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