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Colin OShea

March 13 , 2017

Preparing For Ever Increasing “Golden Years”

Preparing For Ever Increasing “Golden Years”

The probability of becoming an American centenarian (a person 100 years or older) is increasing. In fact, statistics from the U.S. Census Bureau show Americans living to at least 100 years is the fastest growing age group today. Advances in technology and medicine are among the main factors for this increase. Depending on your view, this may or may not be welcome news.

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Chart Source: www.marketwatch.com

How do longer life spans affect the U.S. economy? Social security could become more stressed, individual retirement accounts may not last through longer life spans, company pensions are almost non-existent and state and local pensions are under pressure to make changes. This could potentially become a drag on future economic growth. 

Many people underestimate their life expectancy, and thus do not manage their retirement finances to last long enough. Consider using a longer life expectancy when planning for retirement, especially those in the younger generations. It is believed that the first humans to live past 125 have already been born. 

On a similar line, the author Drew Magary wrote a fictional book called ‘The Postmortal’.  In short, a cure for aging is discovered, keeping everyone who takes it that age forever.  If just an increasing lifespan will have significant effects on the economy, imagine life in an ageless society.  As a Ravens fan, I’m not sure I’m ready to watch Tom Brady for eternity

Considering that some of these issues are out of our hands, it is important to focus on what we can control – developing a retirement savings and spending plan to last through out your lifetime. Living longer with more “Golden Years” should be welcomed for what it is, more time with family, friends, and hobbies/passions.  Our job is to help you plan for it.  To begin a plan or to review your investments, please contact your Security National Bank advisor today.

 

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