Lengthening life spans mean that more people will make it to age 75 and older—at which point, says the report, physical and mental health problems grow, creating a faster and larger drain on savings. (Photo: Fotolia)

A new brief from the Center for Retirement Research at Boston College finds that not only will retirees face higher out-of-pocket health costs but also the potential for financial mistakes thanks to cognitive decline and the problems caused by widowhood.

This as more-meager 401(k)s supplant pensions and the Social Security retirement age rises.

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

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