- By 2050, there will be more than one million centenarians living in the country
- Losing one's mental abilities is the top concern of Americans when thinking about living to 100
- Eighty-four percent feel that health/medical costs will have the biggest financial impact on their retirement years
- Americans expect to spend an average of
$5,822a year on out-of-pocket medical costs after the age of 65
The report noted that, in 1970, the average life expectancy at birth in
"Because of the increasing number of Americans reaching typical retirement age over the next 20 years, people need to readdress post-retirement. As Americans live longer, they must account for the health and financial issues that come with living those extra years," said
According to the report, there are four aspects that must be considered to age healthily and happily:
Financial factors: Financial security is increasingly important as one ages and as personal assets multiply over a lifetime. Part of being financially secure is ensuring that retirement savings account for future health-care costs. The report examined the expenses Americans felt would most impact their senior years; 84 percent stated it was medical and health-related costs, followed by food and clothing essentials (58 percent). Further, they expect to spend an average of
"When looking at how you'll fund your lifestyle when regular employment income is no longer part of the equation, it's important to think beyond your regular, routine costs. A necessary first step is to talk with a financial advisor who will work with you to develop a financial plan that looks at your retirement income needs and goals and ensure they are in line with your risk tolerance," said
The body: Being healthy is one of the essential elements in living a long life and will play a critical role in keeping health-related costs down. The report examined the most common choices that Americans make to keep their bodies healthy, which include eating well (53 percent), exercising (49 percent) and visiting a doctor regularly (33 percent). Beginning to engage in these actions early can help ensure a long and healthy life.
The mind: Keeping mentally alert is central to living the best possible life. The report found that the biggest concern Americans have about living to 100 is losing mental abilities (60 percent). Other concerns include relying on others to take care of them (53 percent), losing the people they love (52 percent) and medical costs (50 percent). Keeping on top of cognitive skills – such as through brain teasers or reading books – will help ensure that the mind stays sharp into old age.
Social factors: Societal interactions can also play a role in longevity. When asked what Americans plan to do during retirement, 62 percent said they will spend more time on hobbies, one-quarter will start a new part-time job and 18 percent will write a memoir. Further, the report noted that the most important factor for enjoying an ideal lifestyle in old age was also social- staying in contact with family and having a support network (36 percent). This is followed by being financially secure (23 percent). Getting a part-time job in a field of interest is a way to supplement income and increase social interaction.
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