Financial Security in the Age of Longevity

by | Sep 15, 2023

Why More Years = More planning

Have you heard the news? Advances in healthcare, technology and quality of life improvements are getting better than ever and the concept of elongating not just our lives, but the quality of it, is getting pretty exciting. 

With systems like VIOME, age-reversing discoveries like that of Dr. David Sinclair from Harvard, and Bryan Johnson’s unique Blueprint, people are looking toward a longer future, with more years to come. 

But with extended lifespans comes the need for extended financial planning and a greater need for financial security to support retirement. 

As the old saying goes – “the best time to plan a tree was 20 years ago; the second-best time is now.”

When it comes to planning for financial security for retirement in the age of longevity, there really is no time like the present. So, we’re diving into all things financial security, even if we’re blessed with many more years than we’ve ever expected before. 

Remember: it’s not just about living longer, it’s about living better

The age of longevity: understanding the changing landscape

Gone are the days where retirement planning spanned just a couple of decades. Which is great, for a lot of reasons. More time with your family, more opportunities to live your best life, and more life to live. 

Now, it’s not unusual for people to live well into their 90s or even 100s, especially with the new advancements being discovered today, and predicted for the near future.

The age of longevity: understanding the changing landscape and how it impacts retirement

It’s great for a lot of reasons, but what people often forget about in regard to this changing landscape is that your retirement savings now have to stretch farther, and the traditional methods of financial planning may no longer apply. 

As longevity becomes the norm, the need for financial security increases, to ensure we can actually sustain our lifestyle in the years ahead. 

Financial challenges of increased longevity 

When we first think about the age of longevity, our minds often wander to an increase of sunny days, beach vacations, and that crucial time with loved ones. But the financial realities can be much less rosy. 

With the current state of retirement in the United States today, Americans are already struggling with financial security, without having to think about the impact of a longer life. In a 2023 survey, it was found that 37% of retirees had no retirement savings, up 7% from 2022 data. 

And the consequences of having no retirement savings? Goes further than just the individual in retirement, but the economy itself. 

With increased healthcare costs, the struggle to get a real handle on your savings on a good day, and the rising cost of inflation, you’ll be facing more hurdles than ever before. Without having to think about the high possibility of outliving whatever savings you may get on your side for retirement. 

So, what do we do about it? The importance of early planning

Ever heard of the phrase, “Time is money”? In the context of financial security in the age of longevity, this couldn’t be more accurate. The best thing we can do for ourselves now – while we’re hearing the early rumblings of the “fountain of youth” solutions – is to start planning your retirement early. It gives you the magic of compound interest, the flexibility to adjust your strategies and true peace of mind.

The importance of early planning for financial security in retirement

But what can current retirees do in the age of longevity?

While advancements are still being made, it’s likely that retirees today are already noticing the differences they’re facing, on top of the desperation already caused by the current cost of living. 

So if you don’t have the benefit of early planning on your side? The best thing you can do for yourself is get serious about earning money in retirement. 

But don’t worry. Here at Earn Money in Retirement, we’re ready to teach you how to do so easily in a way that actually suits you, your lifestyle, and your current abilities. 

There have been a number of individuals who have made claims to great financial success and security in their later years, and we’re here to show you how you can do exactly the same. And there’s a real variety of flexible, purposeful and enriching ways to do so. 
So you can secure your finances in the age of longevity and not just live longer, but live better too.

secure your finances in the age of longevity and not just live longer in retirement but live better too

We definitely recommend checking out our incredible range of articles, how-to’s, and even our incredible success stories available on our website today. You could discover a side hustle to earn you over $20k a year from home, shop and earn for your retirement, make big from those old comic books in the attic, or even start a service-based business in retirement that earns you money on the fly

There really are limitless ways to make it work for you, all it takes is a bit of research, a bit of support, and some faith in yourself. 

Five essential FAQs for financial security in the age of longevity 

Couple questions? Don’t worry, we have a couple of answers. Of course, if there’s anything that’s keeping you up at night, feel free to contact us today to let us know what you’d like help with! You’ll probably have a new guide made purposefully for you … 

Why is financial planning more crucial now than ever before?

With the increase in life expectancy, there’s a higher probability of outliving your savings – especially when considering the current state of retirement savings in the United States today. Planning ensures that you can focus on financial security throughout your extended life. 

How do I know if I’m saving enough for retirement?

There’s a number of ways to check, but it all really depends on your own personal lifestyle, expenses and future goals. Your best bet is to turn toward financial advisors or retirement calculators to give you a clearer picture of how much you’ll need to be saving for your individual needs.

Financial advisors and retirement calculators can help you get a grasp on exactly how much you'll need to save

What if I start planning late/have already retired?

It’s always better late than ever. Beginning later means you’ll need different strategies than those who have many years to plan, possibly saving more, or working a bit longer. But luckily, Earn Money in Retirement is here to help you start thinking about ways to earn in retirement that actually work for you. Not against you. So even if you’re against the clock in terms of saving? You can still find financial security in your later chapter of life. 

Are there specific investment opportunities suited for longer lives?

Diverse portfolios that include a mix of growth and dividend-yielding investments can be incredibly beneficial in the age of longevity. Consult with an investment advisor for tailored advice, of course. 

How can I protect myself from healthcare costs in older age?

Health and long-term care insurance are an essential if you’re looking to protect yourself from healthcare costs in the age of longevity. It’s also worth considering a health savings account (HSA) or similar financial instruments. 

Now that we’re living longer lives, we all want to sustain our lifestyle. When it comes to financial security in the age of longevity, we’ll all need to start retirement planning as early as possible. Jump on over to Earn Money in Retirement to learn how to sustain your lifestyle financially, even if you’re already amid your own retirement
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