Thursday, March 11, 2021

Financing and Planning For Your Longevity

The New York Times discussed  planning and saving for your longer life in the article,  If You Live to 100, You’ll Need More Than Money. As more folks reach the 100 years old marker, it's more than just having enough money to live on. The article focuses not just savings, but planning and identifying a purpose. According to one financial advisor featured in the article, "[w]hile focusing on their savings goals, [he] also helped them embrace life planning, which asks: Besides not outliving your money, how can you make your life meaningful in retirement, which could last three decades or more?"

Here's some interesting data about centenarians from the article. "The growth in the 100-plus age group is partly a result of better medical care and a combination of improved lifestyle factors. This cohort has expanded 44 percent since 2000, according to a C.D.C. study. Eighty percent of centenarians are women. And in about 40 years, the number of people 100 and older will be six times as high as it is now, according to the Census Bureau."

The article discusses factors that may lead to reaching the 100 year old mark. If you are feeling optimistic, you might check out this calculator:

In recent years, estimating longevity and planning for it have become more sophisticated. The LivingTo100 longevity calculator, developed by Dr. Perls, is a good place to start to get a rough estimate of your life span and what you can do to improve your odds of living longer, should you want to go down that path.....

https://lawprofessors.typepad.com/elder_law/2021/03/financing-and-planning-for-your-longevity.html

Consumer Information, Current Affairs, Health Care/Long Term Care, Other | Permalink

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