Half of babies born in the U.S. in 2007 are projected to live to 103, according to the World Economic Forum. As lifespans lengthen, wages are not keeping up with inflation, and even a decent nest egg may not go far enough. That’s especially true as employers have shifted the burden of retirement savings to employees, offering 401(k)s rather than pensions that promise a certain benefit every month. As a result, millions of Americans are going to have to keep working longer. “The issue more than anything is the high cost of living,” says Mandeville, the Council on Aging director. “It’s really strained people’s retirement budgets.”

By Alana Semuels/Waitsfield, Vt.