Older and need to secure this financially

 Life expectancy in United State continues to increase. In addition, many retirees are in good health for longer and want to enjoy their retirement actively, for example by taking regular vacations. What sounds like good news at first glance also brings challenges: a longer life also means greater financial needs. Relying solely on the state pension is usually not enough. This is often significantly lower than what one actually needs for a good life and, in addition, due to the demographic development, there will probably be further cuts in pension benefits in the medium term.

 Secure a long life properly

 Financial provision is possible in many ways, but the "longevity risk" can only be covered with the help of life or pension insurance. However, pension schemes are often presented in the media and in public as a product for investing and are criticized for being too low in interest. What is not taken into account, however, is that this is not the sole purpose of pension insurance. This should primarily ensure financial provision until the end of life - and ideally with guaranteed payments for life. If it is also an old-age provision product, which entails additional attractive yield opportunities, then that is a sensible safeguard for a long life. The holiday pension, for example, is such a product.

 The following graphic shows how life expectancy is developing in United State and how important it is to ensure a long life financially:

  United State are getting older - old-age provision is important

 The graphic shows the development of life expectancy at birth in United State by gender in the years from 1950 to 2060.

  Average life expectancy has increased steadily over the years. Men who were born in United State in 1950, for example, could count on 64.6 years of life - women on 68.5 years. Men born in 2000 already had a life expectancy of 74.8 years - women 80.8 years. Men born in 2015 can live an average of 78.4 years - women 83.4 years. At the same time, the maximum life expectancy is also developing.

 Influence of medical progress

 According to researchers, generally improved living conditions, but especially medical progress and new (health) technologies, are responsible for longer life. As a result, lifetime could be expanding even further and faster than previously predicted. New developments therefore make it very difficult to estimate how old people will actually be in the future.

  

Sourced by: John Labunski