The Data on Longer Lives
Research on longevity undeniably shows that we’re living longer. Here are 8 facts on growing older that you may not have known before:
- Life expectancy for a baby born in the US in 2013 is about 78 years.
- Life expectancy for a baby born in the US in 1950 was 68 years — that’s a 10 year increase in 60 years!
- Life expectancy at age 65 in 2014 for a man is 87, and for a woman was 89.
- Life expectancy at age 65 in 1950 for both men and women was 79 — that’s also a 10 year increase in 60 years.
- The number of centenarians is growing; there’s been a 66% increase from 1980 to 2010, when 53,364 people were aged over 100 in the US.
- In 2013, 45% of households between 50 to 59 were at risk of failing to meet their targeted income replacement needs in retirement.
- The average out of pocket medical costs for a 65 year old couple is $218,000 over 20 years.
- Healthcare expenses are expected to rise by 5.8% per year through 2022.
Longer retirements are an opportunity to pursue more hobbies and live a fulfilling life, but it does require more financial planning to make sure you can enjoy the life you desire.