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Are You Ready to Live to 100?
« on: June 23, 2013, 05:20:06 PM »
By Cliff Goldstein | MarketWatch – Fri, Jun 21, 2013 10:17 AM EDT
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As life expectancy steadily climbs through the 21st century, we are being forced to rethink the way we plan for our golden years. Where once an individual could reasonably expect 10 to 20 years of retirement, today's prospective retirees must prepare for upward of 20 to 30 years. Life may be getting longer, but it won't necessarily get easier.

Just how old are we talking here?

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Re: Are You Ready to Live to 100?
« Reply #1 on: June 23, 2013, 05:21:33 PM »
Though we're not quite on a trajectory to reach ages of Old Testament proportions, the average increase in life expectancy is far from negligible. Life expectancy has risen from about 47 in 1900 to around 78 today. Though much of the shift can be attributed to a huge reduction in infant and child mortality, our senior citizens are getting older, too.

Since 1950, the population of the U.S. has roughly doubled, while the number of Americans aged 100 years or older has increased by approximately 2,200%. The MacArthur Research Network predicted that by 2050, life expectancy will rise to 89-93 years for women and 83-86 years for men. Currently, a 65-year-old man has a 41% chance of living to age 85, while a woman of the same age has a 53% chance.

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Re: Are You Ready to Live to 100?
« Reply #2 on: June 23, 2013, 05:22:09 PM »
A wide range of medical and societal advancements have contributed to our present longevity. We can thank everything from purified water to vaccinations, public education to pasteurized milk, child labor laws to cancer treatment. And pending complete societal collapse, you can bet the human race will continue finding ways to prolong the inevitable.

What longer life means for retirement

It's pretty simple, actually. The longer you live past retirement, the more money you'll need to have saved up. Even if you only live five years longer than your grandfather, that's five more years of income you'll need to have in reserve. At a modest $40,000 a year, you're looking at an additional $200,000 to survive, without even accounting for inflation. And with social security poised to be cut back, you better be ready for self-sufficiency.

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Re: Are You Ready to Live to 100?
« Reply #3 on: June 23, 2013, 05:22:37 PM »
One of the most obvious solutions — and a solution many people don't want to hear — is to delay retirement. The standard 65-year retirement mark may take a bump in the not-too-distant future. The fact of the matter is, not everyone has enough money to retire rich and carry them through 30 years of unemployment. Our current 40-year careers could easily start turning into 45- or 50-year careers. Those who can afford it might ease themselves into retirement by switching from full-time to part-time or taking on a simpler, less-demanding job.

For many, the most effective way to prepare for a long retirement is also the most difficult: saving enough. This entails living below your means during your working years and/or creating a modest budget for retirement. You may need to live in a smaller home. You may need to drive a less expensive car. You may need to trim the annual vacation budget.

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Re: Are You Ready to Live to 100?
« Reply #4 on: June 23, 2013, 05:23:06 PM »
Other methods of saving for a long retirement include things you should probably be doing anyway. Max out your employer's 401(k) match. Open and regularly contribute to a traditional or Roth IRA. Maybe get a lifetime income annuity. Make smart investments that will supply a steady supplemental income. If you're unsure of where to begin, find a financial adviser and begin strategizing.

No matter how simply you live, life takes money. Living 10% longer means you must save at least 10% more to maintain your present lifestyle. Start saving now if you'd rather not spend your final years living in your daughter's basement.



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