Plan on Living to 100? Got Money?

May 25, 2018 | Elder Issues, Estate Planning

Finances should come into consideration for those planning to hit the century mark.

Medical science has made tremendous strides in recent decades and people can now expect to live a very long life.  However, they will need financial security to pay for the best medical treatment.  Half of wealthy investors expect that they will live to be 100 years old, according to Forbes in “Are You Financially Ready To Live To 100?

This has important implications for how much people will need to save before they retire. The longer you plan to live after retiring, the more money you need before retiring. It also has important implications for estate planning and end-of-life care.

People who expect to live to 100 need to plan their estates, so they will still have something left over for their heirs to inherit. They also need to make sure they have all the advance health directives they might need.

Research suggests that people are living longer.  However, they are not necessarily healthier than previous generations of elderly people. A long life may just provide more time to experience diseases associated with old age, such as Alzheimer’s.

Reference: Forbes (April 19, 2018) “Are You Financially Ready To Live To 100?”