Can You Afford to Live to 100?
It\’s no longer a stretch to think about living to 100. According to researchers at the New England Centenarian Study at Boston University, there are 80,000 American centenarians alive today, and the U.S. census bureau predicts nearly 500,000 by 2040. With advances in medical technologies and research, improved geriatric medical care, and higher incomes which usually translates to better quality of foods, Americans are simply living longer. And studies continue to show that women outlive men.
As much as I\’m pleased to be reading about the medical advancements, healthier lifestyles, and improved care to increase longevity, I\’m concerned that I don\’t see much information about how to be financially comfortable to enjoy these added golden years. What about you? Do you think you will have the money to live a comfortable life to age 100 without being a burden to family, friends, or the government?
We need to take this issue seriously. What\’s the benefit of living that long if you\’re going to end up homeless or severely financially stressed. So what can we do today to insure our financial tomorrow? Doctors have a laundry list of tips to help us get to 100. I don\’t have a laundry list of financial tips, but I can recommend the best medicine: diversify. And here are some tips to help you to do that:
• Get educated on investments so you can start building savings now. Whether it\’s stocks, bonds, real estate, gold, you name it, start learning all you can to be an informed investor.
• Take the advice of a business mentor of mine: Never allow others to vote on your money. Successful investors make informed decisions that are based on their specific needs, interests, and portfolio.
• Know how to grow and expand your investment options. You can join local associations or wealth clubs that cater to the particular investments that you are interested in. Learn from others, especially from their mistakes.
• Be open to new opportunities. By speaking with other people or attending informational programs, you may find new interests. Or even if you just want to stay with what you know, you may get a different or added perspective. For example, The Entrust Group has a web-based educational program where a variety of experts speak on investments.
Don\’t put all your eggs in one basket, know the risk and potential reward of the particular investment before you buy, save at least 10% of your income to continue to accumulate wealth, and invest in at least one asset that makes you feel secure. Well, how\’s that for a laundry list.
Money certainly isn\’t everything, but it does make life easier, whether you\’re 50 or 100.