Five Ways to Make Your Money Last Longer
Nowadays, Americans live longer and that’s great news! The average life expectancy as at 1900 was 49 years but that has progressively increased to 79 years in the year 2000. The state of Hawaii, in particular, has a life expectancy of 81.5 years – the highest in America.
There are over 53,000 centenarians (those who are at least 100 years old) in the United States. More than 80% of these people are women, as they have a tendency to live longer than men by about five years. Do you wish to see your birthday cake lit up with a hundred candles? Strategies for living longer comprise having an adequate amount of sleep, exercising well, making friends, and adopting a pet. According to research, engaging in a moderate activity for two and half hours weekly might lengthen your life by four and half years.
We all desire confidently looking forward to living a long life. In what ways can we then ensure that our finances will be enough for our entire retirement years – particularly as life expectancy is on the rise?
The following are five tips that will help your money grow with you:
Begin now to save: In accordance with Bureau of Economic Analysis 2010 data, the personal savings rate in the United States is about 5.3%. Money has a very powerful time value – the earlier you begin or increase savings, the quicker you can deploy it to work for you.
Work longer: The number of older workers who are remaining in employment are increasing – some because they choose to, others because they have to. The longer you’re earning an income, the better your financial reserves for retirement.
Get strategic: If you desire to keep living the way you do right now in retirement, you’ll probably require financial resources worth ten to twenty times your yearly wages. This entails having a strategic plan centered on building retirement income solutions that are personally realistic. It’s important you seek advice from a financial expert.
Make the best use of Social Security: If you are able to delay drawing Social Security benefits until you reach 65 years, you might significantly increase your monthly benefit.
Get covered: In planning for retirement, it is extremely important to get insurance for medical and long-term healthcare costs. The average 65-year-old couple with Medicare will probably need to set aside at least $220,000 for health care costs in retirement, excluding long-term care.
Written by 3rd independent party
2017-41548 Exp. 10/17