by Ilana Gersten
With almost 378,000 people expected to live to be over 100 by 2050, it might be time to start thinking about the longevity of life. As more and more people get older, they need to start thinking about more than just surviving, they need to start thinking about what kind of life they want to live- and how they can afford it.
As Jeannette Bajalia, the founder of Woman’s Worth, explains in her newest webinar, there are ways to plan for this new longer lifespan, starting with a new mindset.
“You can hold on to your wealth by holding on to your health because it’s all about prevention,” said Bajalia.
One of the most important things people in this age bracket should be looking at are the expenses necessary for medical care. A couple retiring today should expect about $285,000 in medical expenses. There are many lifestyle choices that can be made to minimize that risk and lower the foreseen medical costs.
The other essential aspect of longevity is thinking about how you’ll age. Do you want to grow old at home? At a retirement home? Have a full-time caretaker? Have family members take you in? All of these aspects have their own costs associated with them. Understanding them could be the key to figuring out how to make the most of your retirement.
In Case You Missed It…
Ask the Hammer
Tools & Resources
Financial Adviser Center