The Mortality Revolution Extending Retirement Planning Horizons

When Willard Scott was on TV as America’s weatherman, he’d often insert into the show birthday wishes to those turning age 100 and place their faces on a Smucker’s jar. 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 be dramatically higher.

In light of the greatest 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 or if 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 retro-fitting 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 even be a result of medical advancements or rejuvenation processes that could extend life and generate a quality of life and a 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.