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The Overlooked Risks of Longevity

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It is safe to say that given the opportunity, we would all like to live a long and happy life. With advances in healthcare, biotechnology, and the expanding use of longevity promoting medicinal mushrooms (had to include that for sure), it is now a reality that people may live well into the 90s or even longer.

But this new blessing can be a curse as well, the financial burden that comes with living longer. Most of us have worked, paid taxes, paid into social security, maybe a retirement plan, and a modest savings account. But most of the retirement calculation formulas are based on estimates using shorter life expectancy rates. As many retired people live longer, they may find themselves "outliving their retirement savings", and this could bring disastrous consequences.

I am not a financial expert, nor am I qualified to give financial advice to people. But I strongly suggest people to start planning early and to add this new "longevity" factor into your formulas. If you have a financial adviser, talk with them about the possibility that you may live longer than expected, and the available options. You may also consider insurance plans for your retirement. And nowadays, with interest rates being extremely low, yields from savings, money markets, CDs, and bonds, are next to nothing, and you are actually losing money when you include inflation.

So my point is this, if you want to live longer, you have to plan for longer. The best thing you can do now is to educate yourself financially, that way you are prepared to embrace longevity, and enjoy the golden years.



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