If you knew you were going to live till you were 130 years old…
Would you change your current financial goals and objectives?
Would you change your career path?
Would you change your spouse? OK, so this one doesn’t belong here!
There is a new book on the market called Eternity Soup: Inside the Quest to End Aging by Greg Critser. The author explores the seemingly ever growing age limit of the human species. He interview anyone connected with the fields related to human longevity from geneticists to snake oil salesmen promising extension o f your life for only $19.95 + s&h.
But Wait There Is More!
It is an interesting perspective on a common human obsession that both provides some hope and dispels a number of myths.
For anyone that ponders personal finance and preparation for retirement, its difficult to not consider the implications of an extended lifespan.
Most retirement calculations factor financial needs estimating a predetermined lifespan. Even if a monte carlo simulation indicates a 95% likelihood of meeting your retirement needs, you could blow it by up and living an extra decade let along an extra 50 years!
Today, the prospect of living till you are 130 years old is unlikely but all statistics point to a growing percentage of the population aging in excess of 100. That would be enough to cramp most retirement plans! One amazing statistic in this book is that with every day that passes the average lifespan is growing by 5 hours. For every 10 years that pass, you can tack on the need for another 2 years of retirement funding. Since 2000 the number of people who are 100 or older has doubled!
The good news is that we are living longer, the bad news is we must figure out how to pay for it.
Unfortunately, none of us have a crystal ball. But if you knew you would live an extra 50 years, what would you do different today?