Rick Bloom, CFP®, RICP®

(914) 288-8929

Lifestyle

Five Ways to Help Make Your Money Last Longer

The good news is that Americans are living longer these days. The average life expectancy has risen steadily from 49 years in 1900 to 79 years in 2000. Congratulations if you live in Hawaii – your state has the highest life expectancy at 81.5 years! (In the chart, you can see the average for your state.)

There are more than 53,000 centenarians (people at least 100 years old) in the U.S. Over 80% of them are women, since women tend to outlive men by about five years. Want to see 100 candles on your birthday cake? Longevity strategies include getting enough sleep, adopting a pet, and making friends. Exercise helps too. Researchers say that even moderate activity for 2.5 hours per week may extend your life by 4.5 years!

All of us want to look forward to a long life with confidence. How can we make sure our money will last through our retirement years – especially with life expectancy increasing?

Here are five tips to help your money grow with you:

Start saving now –The U.S. personal savings rate is around 5.3%, according to Bureau of Economic Analysis 2010 data. The time value of money is powerful – the sooner you start or increase savings, the faster you can put it to work for you.

Work longer – More older workers are staying employed – some by choice, some by necessity. The longer you have income coming in, the greater your financial resources for retirement.

Get strategic – To maintain your current lifestyle during retirement, you will likely need financial resources worth 10 to 20 times your annual salary. That takes a strategic plan focused on developing retirement income solutions that are practical for you. Getting advice from a financial expert is important.

Maximize Social Security – If you can delay drawing Social Security benefits until age 65, you may increase your monthly benefit significantly.

Get covered – Insurance for medical and long-term care expenses is an important consideration in retirement planning. The average 65-year-old couple with Medicare will likely need $220,000 to cover medical costs in retirement, not including long-term care.

2019-85345 Exp. 9/21

This material is intended for general public use to potentially assist you in planning for your future. By providing this material, Guardian/Park Avenue Securities is not undertaking to provide investment advice for any specific individual or situation, or to otherwise act in a fiduciary capacity.

Guardian and its affiliates, subsidiaries, employees, agents, and outside contributors, are not authorized to provide legal, tax, or investment advice in the materials of this website including but not limited to any blogs. The information provided does not constitute a solicitation of an offer to buy or an offer to sell financial or insurance products. Individual situations can vary; please contact a financial professional, your tax, investment or legal advisor for guidance and information specific to your situation. Guardian is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by this material. To learn more about Guardian, visit GuardianLife.com .

Share |
 

Related Content

Coaches

Coaches

Coaches have helped you your whole life, in ways big and small. We’d like to be one of them.

Financial Fixes: The Hidden Costs of Home Ownership

Financial Fixes: The Hidden Costs of Home Ownership

Six out of 10 millennials regret buying a home because they weren’t prepared for the hidden costs.

Can I Refinance My Mortgage?

Can I Refinance My Mortgage?

This calculator can help determine whether it makes sense to refinance your mortgage.

 

Have A Question About This Topic?







Thank you! Oops!

Smart Wedding Registry Ideas

The start of marriage should be all love–not debt.

Healthy Body, Healthy Pocketbook

Maintaining a healthy lifestyle can help you reduce health-related expenses—and avoid time in the recovery room.

Financial Hacks for Millennials: Don’t Get Burnt With FIRE

Financial Independence, Retire Early (FIRE), also known as radical savings, encourages aggressive saving to retire by age 40.

View all articles

Comparing Mortgage Terms

Estimate the total cost in today's dollars of various mortgage alternatives.

Should I Pay Off Debt or Invest?

This calculator will help determine whether you should invest funds or pay down debt.

How Much Home Can I Afford?

With a few simple inputs you can estimate how much of a mortgage you may be able to obtain.

View all calculators

To Buy or Not to Buy

The decision whether to buy or rent a home may have long-term implications.

Coaches

Coaches have helped you your whole life, in ways big and small. We’d like to be one of them.

A New Way to Look at Your Bucket List

That big list of dreams and goals isn't the only way to look at your bucket list.

View all videos