Wealthy people are beginning to expect that they will personally live to be at least 100 years old. That has important implications for their planning.
Rich people have most likely always lived longer, on average than the non-wealthy and that is certainly the case today. However, even the wealthy never really live much longer after retirement age.
Nevertheless, medical science has made tremendous strides recently. People can now expect to live much longer, if they can afford the best medical treatment. Today, half of wealthy investors expect that they will live to be 100 years old, as Forbes reports 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.
If you think you will live to be 100 years old, make sure that you have the appropriate plans in place.
Reference: Forbes (April 19, 2018) “Are You Financially Ready To Live To 100?”