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Longer life expectancy leads to revision of retirement plans for seniors

Posted by RHHAdmin on Feb 22, 2012 8:41:00 AM

Modern medical science has enabled the already-remarkable human body to achieve new standards of life expectancy. According to the U.S. Census Bureau, around 80,000 people were older than a century in 2010, and this figure is expected to increase to over half a million by 2050.

Merrill Lynch recently released a study that asked seniors if and how they would change their retirement strategy if they knew they were going to live past the age of 100.

"We hear from our clients that retiring isn't about their age or a magic number, but rather an ongoing assessment of the lifestyle, goals and assets they desire for their later years," said Andy Sieg, head of Global Wealth and Retirement Solutions for Merrill Lynch, according to the Wall Street Journal.

General retirement age used to be around the age of 65, but people born more recently can expect that number to jump as far as 80, because saved money simply will not last til age 100, requiring individuals to work later in life. The low cost of assisted living facilities can help offset meal and housing expenses, but elderly care can still be a daunting financial expenditure for older adults planning for retirement.

Topics: Health News, Financial Health