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Growing number of centenarians renewing focus on ‘longevity planning’

March 31, 2021

The number of Americans over 100 years old is increasing as the country’s population ages.
Researchers say that longevity is enhanced by numerous factors, including better healthcare, genetics, enlightened self-care, activity later in life, purpose, and more.
There is an increased need for Americans to plan for longevity, which combines conventional financial planning with ‘life planning’.

America’s population is aging. Before the pandemic, the average life expectancy in the US was 79 years (76 for men and 81 for women) – based on data from the Centers for Disease Control and Prevention (CDC) website. Only 16.5% of Americans were aged above 65 in 2019, but this number is projected to reach 22% by 2050. An even older subset of senior Americans – centenarians (currently estimated at 92,000) – is growing steadily. This group has increased by a whopping 44% since 2000. In 40 years time, the number of people over 100 years in the US is projected to be six times as high as it is now. 88% of US-based centenarians are women. But what enhances longevity? A study conducted by researchers from Yale and the University of Alabama – Birmingham found that better medical attention, enlightened self-care, and activity later in life have a positive impact on how long you live. Genetics also plays a substantial role. The New England Centenarian Study that started in 1995 established that exceptional longevity runs strongly in families. The research team, lead by Dr. Thomas Perls from the Boston University School of Medicine, identified genetic markers that were associated with people living past 100. Race and ethnicity seem to be significant factors. A 2012 study conducted by Princeton University found that socioeconomic differences could account for 80% of the life expectancy disparity between black and white men, as well as 70% of the variance between black and white women. An illuminated attitude along with deliberate mental, physical, and social activity in retirement also helps. Retired Americans are encouraged to stay physically active, continue to learn new things, and take part in community engagements. Many experts agree that purpose and a sense of meaning throughout life are important, but it’s difficult to explain how they improve longevity. Current longevity trends, coupled with increased research in the area, call for Americans to seriously consider longevity planning. Longevity planning simply combines conventional financial planning with ‘life planning’. The goal is to ensure that your financial needs are met while also exploring how you can live a meaningful life in retirement. Experts recommend that you focus on what you want your retirement to look like. “What do you want out of life, what gives you joy, and how do you pay for it?”, says Mitch Anthony, a financial planner and author of ‘Life Centered Financial Planning’. Long-term estate planning should be contemplated early on. A lot can happen over 10 decades of life. Your friends or preferred beneficiaries may no longer be around. James Brewer, a certified financial planner working in Chicago, proposes selecting contingent beneficiaries for life insurance and retirement accounts. Getting a better impression of how long you may live could help craft a better longevity plan. There currently are no reputable medical or genetic tests to estimate longevity. However, online tools exist that can provide a rough estimate based on factors such as family background, lifestyle, and medical history. As our nation’s population lives longer, it is important to reevaluate your nest egg and update your retirement plan in line with the latest trends and developments.

References: https://www.nytimes.com/2021/03/06/business/living-to-100-retirement.html

Growing number of centenarians renewing focus on ‘longevity planning’

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