What you need to consider about new longevity numbers: Most people in the Baby Boomer generation are already confronting the possibility that they could live longer than they expected. This can raise a lot of questions about what it means to truly plan for your future, and whether or not you have enough assets set aside in retirement.
If you are questioning this and are concerned about how best to support yourself, consider these recent numbers. Statistical life expectancy in the United States is around 80 years, but it is perfectly realistic to plan for your retirement by thinking about living into your 80s and 90s. Even people who are 100 years old or greater are on the rise. In 2015, for example, some 72,000 Americans were at least 100 years old.
That is a 43% increase from the numbers in 2000. Researchers are now exploring what makes these people different than those who live the average and anticipated 80 years. Although genes are critical, there are also impacts including a good diet, and the value of exercise.
The super-aging study is a clinical trial currently being carried out at Northwestern University that includes people older than 80, but have exceptional memory capability, which could be matched up to people in their 50s.
The purpose of this study is to identify what makes these agers different than traditional, average people in the United States. Longevity requires careful consideration of your estate plan and your overall healthcare goals. Even though in the past couple of years longevity in the US has dropped slightly, people today are living longer than any of their ancestors. That makes it critical that you think about supporting your health and your finances for decades to come. Living 20 or 30 years or more beyond your retirement age is well worth considering.
Not only will you need legal documents to state who you want to make decisions for you if you aren’t able to, but you’ll want to know about Medicaid planning options, too.
Schedule a consultation with an experienced estate planning attorney to learn more about how to articulate plans that will protect you, living into older years.
