Plan to Live Longer

Written By Advisory Alpha

We Are Living Longer

In my book, ROOMMATES FOR RETIREMENT, I express my conviction that contrary to the ‘staunch individualism’ culture in America, people benefit more by living together than as “singles”. In fact, statistics bear out this hypothesis:

  • Many women, in particular, become impoverished as seniors

  • People who live alone have a higher incidence of accidental death.

  • Women live longer than men and earn less (thus, less money to live on after working year’s end)

  • Married estates (more than one person) have outperformed single ones, historically.

  • Women’s lives cost more than those of men (more health and welfare spending)

  • Women lose more time from work than men because of caregiving and thus have fewer resources by retirement age

…just a few statistics that support the case for community living—minimally, two.

The fact that we are living longer means we need to give more thought to what life may be like in the ’70s, ’80s, ’90s and more. What then is the most that one can do to prepare for costs associated with more post-working years and probable costly health events from time to time? Conversations about financial planning should include life insurance, long-term care insurance, retirement savings, costs of living and living arrangements.

—Ramona Pearson CRPC, MBA, CPA

Advisory Alpha https://www.advisoryalpha.com
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