 People across the US
are massively underestimating how long they will live. There are 78
million baby-boomers who are going to turn 65 between 2011 and 2030. As increased longevity is becoming a fact of life, people are
leaving themselves vulnerable to financial hardship in retirement, which is the
time they are most in need of money they cannot outlive. According to the US Census
Bureau for Older Americans 10.2 percent of people 65 and
older lived in poverty in 2003 and this number continues to grow annually.
Longevity Quotes is concerned that people are not aware that they
are likely to live far longer than their parents’ generation and should be
preparing to finance this increased chance of living longer. A single female
has a 62 percent chance of living to age 85. A single male has a 49 percent
chance of making it to age 85. A husband and wife have an 80 percent chance
that one of them will live to age 85 and a 58 percent chance one of them will
reach 90. In August 1, 2004 there were 64,658 centenarians living in the United
States, and this figure is set to increase as people are living healthier lives
into advanced ages. Imagine how
longevity will be affected after we experience a major medical breakthrough in
the treatment of cancer, diabetes, or heart disease.
With so many people in the US underestimating how long they will
live, they are leaving themselves in danger of being short of cash in their
later years, just as they face declining income and increasing costs. There are
several tools available online to calculate
life expectancy and required income with a retirement
calculator.
Interestingly, while people do not realize the possibility of
living longer than their parents did, they do recognize that their own children
will likely live longer than they themselves will.
Longevity
Quotes is specifically dedicated to offering financial products that help
protect people against the increasing likelihood of a longer lifespan. For more
information about Longevity Quotes and the company’s first product, the
Longevity Annuity, which pays out more the longer you live, visit www.longevityquotes.com.
By: Shannon
Margolis, LongevityQuotes.com
Ready To Get Started? Have a Rep Contact You!
It takes just 30 seconds to see how affordable a longevity annuity can be to insure against outliving your retirement savings.
Payments can begin anytime after age 70. You Decide!
There are provisions for refund of premium paid in the event of death as well as loan provision prior to annuitization.
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