When Expectations Clash with Reality
Many Americans want – even expect – to live past 90, yet they don’t prepare for the reality of living to a ripe old age, finds a new survey.
The survey, sponsored by the Stanford Center on Longevity and Time, found that expectations are bound to clash with reality, for many Americans.
For instance, more than a third of Americans expect to live past age 90, yet most of them are doing more to prepare their bodies for long life than they are their finances.
Living Past 90 is Wonderful, But How do You Pay for It?
While it’s great to stay in shape and live a healthy lifestyle, the reward of long life requires a lifetime of financial planning.
Yet, of the Americans under 65 who say they want to retire before they are 65, 41% think they will not have the financial means to support living to the age of 100.
How do you prepare to live past 90, yet only work until you’re 65 or so? It’s a tall order, and it requires both planning and execution.
You Need a Savings Plan
Experts say that Americans need to save, and invest, at least 5% of their earnings throughout their working lives. Many think even that is too small, and recommend saving at least 10%.
Having a saving and investing plan, and developing the discipline to implement it though life, is not a one-person job. You need support.
Start by Joining a Credit Union
You should start by joining a credit union. CUs are not-for-profit institutions, so they have no profit-driven schemes to steer you to certain investments. What you get from a CU is honest advice on what works best for you.
In addition, credit unions will give you the personal touch, (you’re a part-owner, after all). You can sit down with a financial expert who will help you put together the savings plan that will help you achieve your financial goals.
This is how you build a financial foundation that will support your long life.
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