The Longevity Impact on Retirement

According to a Wall Street Journal article in October of 2014, life expectancy has increased to an average of age 65 for males and age 86.6 -88.8 for females. It is estimated that women survive their husbands 87% of the time and average around age 93 at death. But that’s the average, which means half will live longer! In 2014 it was estimated that over 72,000 American seniors were age 100 or older, worldwide the number was about 450,000. By 2050 there may be 3,676,000 seniors living on the planet. So even without any significant medical advancement, the numbers of senior centenarians could become dramatically higher. In light of this great mortality revolution, should you start planning to live to age 100?

You may need to prepare yourself for age 100 if your family tree already contains longevity and/or you exercise religiously and are committed to a healthy diet. There also seems to be a gender advantage towards women in life expectancy stats. Preparing for geriatric living starts with guaranteed income you can’t outlive via lifetime annuities with a cost of living rider.

Preparing for elder years should include retrofitting your home for single level living with stairs turned into ramps, converting bathtubs into walk-ins and kitchen shelves that lower to the counter. Most baby boomers are vehemently against living in a nursing home facility, so preparing for assisted living at home is the new strategy. This means making sure any long-term care policy or hybrid annuity of a life insurance contract includes assisted home living. It also means selecting caregivers you can trust. Sometimes the optimum choice is family, perhaps a grandchild who can be a live-in caregiver while going to school or a person who attends your place of worship that has a disposition to help. If you’re going to live to age 100, you need to designate someone to carry out your health directives, another to oversee your finances and still another for your daily living needs. 

Living to age 100 may be as a result of medical advancements or rejuvenation processes that will not merely extend life but generate a quality of life and lifestyle that you can enjoy. If you’re going to live to age 100, you need to cultivate the happy factor, a mindset that your life has purpose and that your life isn’t over until it’s over.