The number of centenarians in the U.S. is poised to balloon in coming decades. That longevity poses a big financial challenge for households.

By 2054, there will be an estimated 422,000 Americans age 100 and older — more than four times the 101,000 in 2024, according to a Pew Research Center analysis of U.S. Census Bureau data.

Centenarians make up 0.03% of the total U.S. population today, a share expected to reach 0.1% three decades from now, the analysis found.

What’s more, the centenarian population has nearly tripled in the last three decades alone, according to Pew.

Meanwhile, even if Americans don’t reach age 100, more of them will live to 90 and 95 years old, said John Scott, director of retirement savings at The Pew Charitable Trusts.

That demographic shift will put enormous stress on the traditional notion of financing retirement, experts said.

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“If people still retire in their 60s, it means the funding for retirement needs to go on for decades,” said Barry Glassman, a certified financial planner and founder of Glassman Wealth Services.

 “If retirement is going to last that long, then savings needs to last that long as well,” said Glassman, a member of CNBC’s Advisor Council.

Among the best ways to hedge against outliving one’s savings is by working longer, according to retirement experts.

It’s already happening.

By 2032, 25% of men and 17% of women age 65 and older are expected to be in the labor force, up from 24% and 15%, respectively, in 2022, according to Population Reference Bureau.

That may be more necessary as employers have offloaded responsibility for retirement savings onto workers’ shoulders, by shifting from pensions to 401(k)-type retirement plans. Workers must choose how to invest and how much money to save with each paycheck to ensure for a comfortable retirement.

But even delaying retirement by a few years — to 68 years old from 65, for example — can financially “move the needle significantly,” Glassman said.

“People need to be prepared to work longer,” he said.

Doing so yields more years of income, and generally allows people to save for a longer time, delay drawing down their nest egg and defer claiming Social Security benefits.

Social Security, unlike 401(k) plans, provides guaranteed income for life. By delaying claiming to age 70, retirees can maximize their monthly checks.

If they have the resources, retirees can also consider buying an annuity with a portion of their savings to generate a monthly guaranteed income stream like Social Security, Pew’s Scott said.

Retirees can still work part time so they have some additional cash flow, Glassman said.

He sees more clients doing this, with professionals who become consultants upon retirement, or radiologists who can work remotely and read health scans, he said.

“There is a demand for labor in this country,” Scott said.

Staying up to date with skills may help retirees find some work later if they need to supplement income, he said.

Of course, working longer won’t be possible for everyone.

People may have physically taxing jobs that require them to retire relatively early, or suffer health complications that require early retirement, for example. Others may not be able to do jobs on a part-time basis.

Retirement is likely to be full of many more “healthy, vibrant” years in coming decades due to advancements in technology and health care, for example — meaning the notion of working longer, even in physical jobs, isn’t far-fetched, Glassman said.

He pointed to marathon statistics as an example: 441 people age 70 and older finished the New York City Marathon in 2023, about 0.9% of all runners. That’s up from 144 people two decades earlier, or roughly 0.4% of the total runners.

Aside from work, Americans should try to save as much as they can, and start as early as they can, Scott said. Those who get an employer 401(k) match at work should strive to save enough to get the full match, which is essentially free money, he said.

Responsibilities like paying student loans, saving for a house and spending on caregiving needs for children does make saving difficult, but even saving a little bit now will help in the long run, he said.

“Over time, that will add up,” Scott said.

German carmakers do not have to fear competition from China and are still considered the best in the world, German Finance Minister Christian Lindner told CNBC.

“German cars are the best cars in the world, doesn’t matter if internal combustion engine or electrified vehicle,” he told CNBC’s Karen Tso on the sidelines of the IMF Spring Meetings in Washington, D.C., on Thursday.

“German car manufacturers are world leading, they do not have to fear Chinese competition,” Lindner said.

Competition in the electric vehicle, or EV, market in China and Europe, as well as the U.S., has been heating up in recent months. More and more Chinese companies are making headway when it comes to EVs, and China’s BYD has been in close competition with Tesla for the crown of biggest EV maker.

China’s EV sector has seen substantial growth, sending a large amount of vehicles to other markets that often come at a more accessible price point. This rapid development has raised questions and concerns about China’s trade practices and policies in the U.S. and the European Union.  

U.S. Treasury Secretary Janet Yellen last month warned that China may be using global markets as a dumping ground for cheaper clean energy products, including EVs. This could push down market prices and put pressure on green manufacturing elsewhere, Yellen said.

Both Yellen and European Commission chief Ursula von der Leyen earlier this month called for a tough stance on potential unfair competitive practices from China. The European Union has also launched an investigation into Chinese subsidies for EVs.

China has denied any wrongdoing, with its Minister of Commerce, Wang Wentao, saying that any allegations about “overcapacity” were without merit. China’s success in the EV sector was linked to “constant innovations” as well as a “well-established supply chain system and market competition,” rather than subsidies, he added.

Concerns from the U.S. and EU cover a range of green technology sectors, including EVs, solar panels and lithium-ion batteries.

Lindner on Thursday said that the potential dumping of Chinese products onto global markets needed to be examined, as would concerns that China is paying subsidies to producers for selling cars below production value.

“This would be unfair and then we would have to, to decide about measures,” Lindner said. However, so far it had not become clear that China was in fact following this dumping approach when it comes to EVs or other industries, he noted.

When asked what these measures could look like, Lindner said that all options were on the table. This echoed comments from Yellen, who earlier this month told CNBC that she would not rule out any measures, including tariffs on Chinese exports.

There has however been reluctance from the German government in particular about such tariffs, with a spokesperson for German Chancellor Olaf Scholz saying that he was skeptical about whether they were necessary, according to Reuters.

This came ahead of Scholz’s visit to China earlier this month, during which he warned against unfair competitive and trade practices.

While there would eventually be Chinese cars in Europe, competition must be fair and there must not be any dumping, overproduction or copyright infringements, he told students at Tongji University in Shanghai, according to Reuters.

Lindner on Thursday told CNBC that there were also advantages to Chinese green technology exports such as “very cheap” Chinese solar components that have poured into German markets.

“The private households in Germany, they benefit from these cheap components and our advantage, our competitive advantage is the system as a whole,” he explained.