Living to 100: Retirement Planning Insights

By Brent Meyer — SafeMoney.com Founder & Editor Reviewed by Licensed Financial Professionals  |  SafeMoney.com — Trusted Since 2011  |  Updated Regularly Quick Answer: Explore how living to 100 impacts retirement planning and safe money alternatives. Prepare for your future today with expert insights. What are the chances of living to 100? You may be surprised. Although people reaching 100 and beyond is rare, more Americans are joining the ranks. In 2010, the U.S. Census Bureau found 53,364 centenarians – or those fabled few who have attained age 100 and up – were living in the United States. A later study by the CDC estimated that the “100 and up” crowd had grown over 40 percent, or to 72,197 centenarians, in 2014. Over the past few years, numerous studies have revealed that, in general, we are likely to live longer than previous generations did. In turn, that is changing people’s expectations of the golden years.  Apparently, we have gotten the message that we are likely to have many more years to enjoy than we may have previously expected. A newly released study from the Transamerica Center for Retirement Studies reveals that today’s workers are already thinking in terms of longer lives. Their 2017 survey of more than 6,000 workers across the United States asked: “What age are you planning to live to?” Those who provided an answer to the question are planning to live to age 90 (median). Another 14 percent plan to live to age 100 or older, a finding which is even higher among millennials (18 percent). Pocket Watches Give Way to Fitness Trackers Clearly the days of expecting to receive an engraved pocket watch at 65 and then golf-carting into the sunset are gone. This has major implications for anyone approaching or planning for retirement. People are projecting a meaningful balance of work and lifestyle. As Catherine Collinson, CEO and president of Transamerica Center for Retirement Studies and a retirement and market trends expert, says,   “Our survey finds that many workers are envisioning retirement as a chapter in life that includes both work and leisure. Many are expecting to work beyond age 65 out of financial necessity and for healthy aging-related reasons such as to ‘be active’ and ‘keep my brain alert.'” Transitioning into a work-life balance before full retirement involves change, Collison adds. This could be reducing work hours or working in a different capacity that is eith