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Are You Financially Preparing to Live to be 100 years old?

By Erik Folgate

Check out this article about preparing for retirement assuming you’ll live to be 100 years old.

This is not a far-fetched idea. There’s no doubt that a positive correlation between technological advances and increasing life spans exists. The article describes how 20 to 40 year olds should plan on living a long life of retirement and planning to pursue multiple careers, because we’ll be awfully bored if we retire at 65 and live another 35 years!

This is encouraging to think that we’ll live a long, productive life, but it’s also scary thinking about preparing to support yourself for 25 to 30 years. I don’t think it has to be scary if you start thinking about it now. Therein lies the problem. How many 25 year olds think about their life as an 85 year old? One of my favorite parts about the article is the quote that talks about how Generation Y is expected to fund their own retirement by contributing to a 401(k) all while we are funding the lion share of Social security which is benefiting older generations and may not benefit us in the future. Basically, we’re taking our retirements, our parents, and our grandparents retirements and putting them both on our shoulders. Great.

The point is that you will make your life much easier if you plan 50 years ahead at age 20 to 30. You won’t need to spend any time catching up to save for retirement, which will result in having more money in your 40s and 50s to have fun with your family while your not too old to shoot a basketball. That’s the way that I look at it. I’m going to bust my butt in my 20’s and 30’s to set my life up for having a ton of fun in my 40s, 50s, and beyond.

What are you doing to prepare for hitting the century mark? Have you thought about it? Do you care?

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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