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Mike Bonacorsi

Mike Bonacorsi is a CERTIFIED FINANCIAL PLANNER™ professional, public speaker and award-winning author of Retirement Readiness: A Guide to Creating Your Vision, Knowing Your Position, and Preparing for Your Future. You can listen to his radio show, The Mike Bonacorsi Show, at WSMN, 1590AM or on your computer at http://wsmnradio.com on Tuesdays from noon – 1:00 PM. For additional information, visit http://mikebonacorsi.com 2009© Mike Bonacorsi CFP® All Rights Reserved.

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Living Longer and Retirement Planning

Today this is considered and oddity but, could it become the norm at some point? The world population is getting older, the number of people and older is expected to increase from 516 million in 2009 to 1.53 billion in 2050, according to data released by the US Census Bureau.

The number of centenarians (100 years) has increased to more than 340,000 worldwide versus a few thousand in the fifties. By midcentury, the number of centenarians in the US could grow from 75,000 to 600,000.

Advances in medicine, healthcare and education concerning lifestyle choices have been big factors in longer living. Problems like heart disease, and many types of cancer a few years ago were the beginning of the end, now with proper treatment and monitoring they have become health issues rather than life-ending.

As a segment of the population grows fast another slows down, while the age group over 65 is expected to see a jump by 2050, the group under 15 years old will grow at a much slower rate, from 1.83 billion to 1.93 billion. In 2017, the number of people over 65 will exceed the number under age 5.

The aging population will stress Social Security, Medicare and health services, while the disappearance of pensions and lack of savings for retirement will them modifying their original thoughts of retirement. Longer and healthier life expectancies will find people working longer at their current job or starting a new career to provide income, benefits, or to remain active will be the norm rather than the exception.

About Mike Bonacorsi, CFP®

Mike Bonacorsi is a CERTIFIED FINANCIAL PLANNERTM professional, public speaker and award-winning author of Retirement Readiness: A Guide to Creating Your Vision, Knowing Your Position, and Preparing for Your Future. You can listen to his radio show, The Mike Bonacorsi Show, at WSMN, 1590AM or on your computer at http://wsmnradio.com on Tuesdays from noon - 1:00 PM. For additional information, visit http://mikebonacorsi.com/. Follow Mike on Twitter @MikeBonacorsi. Read his blog at http://www.mikebonacorsi.blogspot.com/ . Reprinted with permission of the author. 2009© Mike Bonacorsi CFP® All Rights Reserved

 

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