Living to 100: An Action Plan
by Steve Vernon, FSA
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A majority of Americans say they'd like to live to 100 if they could be healthy. The problem is, many people aren't taking the action steps they need to live long and well.
The Stanford Center on Longevity recently issued its Sightlines Project report that identified three areas critical to well-being as people age: financial security, healthy living, and social engagement. Within each area, SCL pinpointed nine specific action steps people can take to improve their situation.
Taken together, these steps can be used as a checklist for people who want to increase their odds of living a long, healthy life. Read here for more details that might help you live long and live well. Please keep reading for this issue's helpful articles and stories.
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What's missing from Americans' plans to live long
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Many Americans aren't fully grasping the financial implications of living longer lives.That's a key finding in a recent report, " How Americans Manage Their Finances," a collaboration between the University of Southern California and the Society of Actuaries. While some people are taking appropriate steps to successfully live long lives, others don't make long-term thinking a priority or they engage in wishful thinking.
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How to hike your guaranteed lifetime retirement income
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One of the most difficult retirement planning challenges is dealing with the uncertainty of how long you might live. You just don't know whether you'll make it to age 75, 85, or 95. That's why it's smart to develop sources of retirement income that guarantee to pay you no matter how long you live, such as Social Security, a pension, or an annuity from an insurance company. Read here to learn about one strategy for using your retirement savings to increase your guaranteed lifetime retirement income.
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How much retirement income do you really need?
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The common wisdom about how much income Americans need in retirement may not be so wise, according to the U.S. Government Accountability Office (GAO).
The GAO, which reviewed 59 studies and reports on retirement income and interviewed retirement services firms and financial planners as part of the study, found that recommended target income replacement rates typically ranged from 70 to 85 percent of your pay just before retirement. But those figures are only general targets -- they don't take into account your individual circumstances and goals, which can greatly affect how much income a given retiree needs. Read here for insights into how much retirement income you might need.
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Near-retirees, don't make this common mistake
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If you're within five years of retirement and haven't yet developed a plan for your retirement paycheck, including strategies to protect it from stock market declines, you might be in for an unpleasant surprise when you finally decide to leave your job. Worse yet, if you're significantly invested in target date funds (TDFs), you could really have a rude awakening. The problem is, many 401(k) plan participants think if they just invest enough money in a TDF, that's all the "planning" they need to do. While that "Look, ma! No hands!" attitude might be sufficient when you're more than five years away from retirement (10 is even better), it's downright dangerous as you near the retirement finish line. Read here for ideas to protect your retirement income as you approach your retirement years.
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How couples can max out their Social Security
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What's a simple strategy for married couples looking to optimize their Social Security benefits? Ever since Congress changed the rules in late 2015 that apply to married couples, many people have been asking for a simple rule of thumb. Read here for ideas on how married couples can get the most from this valuable benefit.
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How retirees can make the most of their home equity
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As more Americans approach retirement age with meager savings, many might consider tapping their home equity. After all, on average, Americans have more net worth in their homes than in financial assets, according to a recent report from the Boston College Center for Retirement Research. But are recent and near retirees taking advantage of this equity to help fund their retirement? Read here to learn how Americans might be using their home equity.
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The high cost of seniors' soaring Rx drug use
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A recent study found that almost half (47 percent) of Americans age 75 and older took five or more prescription drugs in 2011, nearly double the 24 percent that did so in 1999, just 12 years earlier. Read here to learn about the implications of this trend for individuals and society, as well as steps you can take to reduce your costs and your vulnerability to drug interactions.
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Visualize your way to a better retirement
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Athletes often visualize achieving peak performance in competition, whether it's a golfer seeing herself sink a putt or a football player seeing himself make a diving touchdown catch. But visualization of reaching a goal also works for retirement savers.
According to a recent study by TD Bank, people who visualize meeting their future goals are much more likely to succeed at achieving them. To find out if a picture really is worth a thousand words (or thousands of dollars), the bank surveyed more than 1,100 individuals and over 500 small-business owners to learn about their visualization practices. Read here for ideas to help you improve your retirement planning.
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3 unusual retirement resolutions for boomers
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By now, many people may have forgotten about their New Year's resolutions, so it's a good time to revisit your intentions and recommit to taking steps to improve the rest of your life. Resolve to save more, pay down your debt, improve your diet, exercise more, learn about Medicare and Social Security: You've probably read tips like these in countless lists of New Year's resolutions for baby boomers. And they're indeed good steps in preparing for a lengthy retirement.
But some lesser-known steps also deserve a place on the list of your retirement resolutions, ones that can be just as important. Read here for details.
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Thanks for your interest, and stay tuned for future newsletters that explore how to best live the rest of your life. Best regards,
Steve Vernon
Rest-of-Life Communications
P.S. If you think this newsletter will help a friend, please pass it along.
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