We're Living Longer, and That Means You Could Outlive Your Money

We're in the midst of a longevity revolution, and that has big implications for your finances, according to one expert. According to Cyndi Hutchins, director of financial gerontology for Bank of America Merrill Lynch  (BAC) - Get Report , lifespans are increasing and that presents both financial challenges and opportunities. Hutchins says since 1950, life expectancy has increased by 20 years. She says the biggest challenge for investors is trying to plan for health care costs later in life. On the plus side, Hutchins says people are able to work longer, potentially increasing their income.  She says Bank of America Merrill Lynch is doing a lot of research on longevity, and is currently providing a longevity training program for it financial advisers.