Thriving and Living Longer at Age 100+
One of the many things the COVID-19 virus crisis has done is to spotlight aging in America. More people than ever before are reaching the ripe old age of 100. While the COVID-19 has negatively impacted older Americans, there are still many people reaching age 100.
The total number of Americans over the age of 100 is up by 44 percent since 2000, according to a federal report released in 2016. The Census Bureau says the centenarian population has grown more than 65% nationwide over the past three decades.
More Americans are Getting Old
The Centers for Disease Control and Prevention said 72,197 centenarians were living in America in 2014, up from 50,281 in 2000. The census indicates these numbers are increasing.
These centenarians are living even longer. Death rates declined for all demographic groups of centenarians — white, black, Hispanic, female, male — in the six years ending in 2014, the report said. Women, who typically live longer than men, accounted for the overwhelming majority of centenarians in 2014: more than 80 percent.
The US Census has already reported the 90+ age group was the fastest-growing age demographic in the United States. As more American's age and live longer than ever expected, it presents several issues many people have not planned for, including retirement funding and long-term health care costs. Many people are not prepared to live long and deal with extended care issues.
Longevity Means Higher Risk of Long-Term Health Care
Longevity is increasing our risk of needing long-term health care. We experience changes in our health, bodies, and minds as we get older. Some of these changes will lead to our need for help with daily activities or supervision due to cognitive decline.
These extended care costs are not paid for by Medicare or health insurance, including Medicare Supplements. This places pressure on a person's future retirement plan, which not only has to last an increased lifespan but now must address the costs of unbudgeted Long Term Health Care.
A White House report on aging indicates private options are available to address the costs of extended care. These options include Long-Term Care Insurance, life insurance with LTC riders, reverse equity mortgages, and annuities with LTC riders. These products are available to help some people plan ahead to pay for their future care without losing their assets and becoming dependent on Medicaid or their families.
Prepare Family and Finances Before You Retire
Experts suggest you start planning for 'long life' early in life. Contribute to your employer's 401(k) plan and leave the money alone. Don't be tempted to take the money out for other reasons … it is for your 'golden years,' and you will need the money if you live to 100+.
The other planning tool is Long-Term Care Insurance. Premiums are based on age and health when you get the plan. Planning early, well before retirement, allows you to get a very affordable plan.
Those 'golden years' can be much more golden with some advance planning. The good news is we are living longer. The bad news is that we are living longer.
Experts suggest planning in your 40s or 50s since Long-Term Care Insurance is medically underwritten. You will have more options, and those options will be much more affordable.
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