Study: Longer life can bring pension money woes

Could Americans be in danger of growing too old, so old in fact that they outrun their retirement savings?

That is the conclusion of a new Government Accountability Office study, which suggests that Americans are increasingly worried about the prospect it could happen to them.

"Today, couples both aged 62 have a 47% chance that at least one of them will live to their 90th birthday," said the study, prepared for the Senate Special Committee on Aging.

"In addition to the risk of outliving ones' assets, the sharp declines in financial markets and home equity during the last few years and the continued increase in health care costs have intensified workers concerns about having enough savings and how to best manage those savings in retirement."