Longevity risk
A longevity risk is any potential risk attached to the increasing life expectancy of pensioners and policy holders, which can eventually translate in higher than expected pay-out-ratios for many pension funds and insurance companies.
One important risk to individuals who are spending down savings, is that they will live longer than expected and thus exhaust their savings, dying in poverty or burdening relatives. This is also referred to as "outliving one's savings" or "outliving one's assets."