Welcome to the Age of Longevity!
When our nation was founded, a citizen could expect to live to the ripe old age of 35. Now, most of us expect to live that long in retirement! A couple turning 65 years old today, can expect to live well into their 80s. By 2030, more than 20% of the US population is expected to be over the age of 65.
Thanks to advances in technology, nutrition and the medical sciences, we now have the hope (if not the guarantee) of living 50 years longer than our colonial forbearers. And the number of people living beyond the age of 100 is expected to grow exponentially in the coming decades.
For those among us who have planned accordingly, who have taken care of ourselves and saved, this phase of life can be a rich experience of new discovery: a chance to spend more time with our family and friends, to try out new careers, new hobbies, or be of service to our communities in ways that our country’s founders could not have imagined.
But living longer requires long term financial planning And many Americans are rightly concerned about the prospect of funding a multi-decade retirement. When surveyed, 82% of Americans say they are more afraid of "dying broke" than of death itself.
Living longer is a wonderful opportunity, and it need not lead to a retirement marked by financial anxiety. Taking the time to get clarity on what's required to fund your golden years is the first step in building a solid financial plan.
Sources: Allianz Life Insurance Company survey, 2010; Pew Research Center; Social Security Administration.