Longevity risk is the risk that retirees will outlive their savings and income in retirement due to longer-than-expected lifespans. This can result in financial hardship and reduced quality of life in old age.

Longevity risk can impact retirement income by reducing the amount of savings and income available to retirees in their later years. This can result in lower standards of living, reduced access to healthcare, and greater dependence on family or government support.

There are several strategies that can be used to mitigate longevity risk, including: saving more for retirement, delaying retirement, reducing expenses in retirement, purchasing annuities or other guaranteed income products, and utilizing retirement income planning tools and services.

Some common retirement income planning tools include: retirement calculators, Social Security benefit estimators, financial planning software, and retirement income annuities or other guaranteed income products. These tools can help retirees estimate their retirement income needs and develop a plan to meet those needs.

Retirees can ensure that their retirement income will last throughout their lifetimes by developing a comprehensive retirement income plan that takes into account their projected expenses, income sources, and potential inflation and investment risks. This plan should be regularly reviewed and updated to reflect changing circumstances and market conditions.