People are gunning to live as long as possible, but that long life would be extremely difficult if it is not supported by the proper finances.

The 2011 MetLife Retirement Income IQ survey shows that 62% of the respondents were aware of the more important costs associated with longer lives. Other results, however, show a lack of actual knowledge of financial options available to them.

In the survey, 54% were not aware of home equity loans while 55% were unaware that they need about 80-90% of their income to retire comfortably. 30% believed they could sustainably withdraw 7-10% of their savings a year when withdrawing 4-6% a year is recommended by experts. 17% of those surveyed knew that delaying their collection on Social Security by three years will add 24% to the total amount they would receive.

A mere 1% have taken out a home equity loan or tapped into their home equity in one way or another.

What is most disturbing, however, is that 42% of all Americans believe that Medicare, health insurance or disability insurance will cover the full costs of long-term care.

The growing number of upcoming retirees needs to know how to better manage their finances, lest they find themselves penniless at a time when they can least afford to be.

The onset of the recession sent the stock markets tumbling, especially during its peak around 2008 and 2009. A lot of 401(k) and 403(b) investors decided to pull out of the equities market and invest in someplace else, while others decided to sit on their assets and wait ‘til the storm passes.

A Fidelity Investments study shows that it was the latter group who hit it big this time around.

Investors who maintained their 401(k) plans from October 2008 to June 2011 saw their account balances grow by an average of 64%. Investors who pulled out and stayed out in the same time period, though, saw their balances grow by a meager 2%.

Some participants of the study pulled out of equities after 2008 but decided to jump back in at some point in time, and they saw their balances grow 25% on average.

The good news is that majority of plan participants did not pull out from the market. Just 1.6% of all participants decided to shed their equities, while 1.4% decided to stop contributing to their plans at all.

Those that stopped contributing saw their balances grow by 25% – the same amount as those that left but then later returned to the equities market.