On The Money: Can You Afford A Longer Life?
On The Money: Can You Afford A Longer Life?
April 27, 2018
They say that money can’t buy you love- but what about a longer life? Those with significant financial resources may be able to obtain the health care and supports needed to increase life expectancy, and thus create the latest arena of inequality. According to Bloomberg, longevity inequality is the successor to income inequality, and a majority of the wealthy are gearing up to sustain themselves for the long run- or at least 100 years, according to a new survey by UBS Financial Services. It seems that wealthier individuals are willing to spend substantial amounts to achieve longer lives. Great news for them but for those with less money? A longer life could mean that no matter how well we planned, we may run out of retirement savings before our lives end.
So, how do you plan? To begin with, you may want to try the Social Security Administration’s Life Expectancy calculator to see how many years may be in the cards for you. Or, for another thought-provoking calculation, check out this mechanism from Washington University to determine your potential for facing poverty in your later years. Finally, for some sound advice on how to make your funds last along with your life, check out this information on the Spend Safely in Retirement strategy from the Stanford University Center on Longevity.