December 22, 2023
Do you think there are pros and cons of living longer?
The Experiences of Our Aging Population
As we age, our bodies change. We may not be able to do the things we used to do. We may need more help from others. But aging can also be a time of growth and new experiences.
The Benefits and Disadvantages of Living Longer
On the one hand, living longer means we have more time to enjoy life, spend time with loved ones, and pursue our interests. We can also contribute wisdom to our next younger generations. On the other hand, longer lifespans also mean more years of potential ill health and declining mental faculties which can mean that we can outlive our nest eggs and might need more income from family resources.
The Financial Implications of an Aging Population
An aging population has implications for both individuals and society as a whole. Individuals may need to plan for a longer retirement, and society may need to adjust its entitlement programs to account for the increased number of retirees. More workers are needed to support retirees via the social security system. In the 1940s there were 42 workers supporting 1 retiree but at present the ratio has gone down to 3 workers to 1 retiree. That is the reason why there is a prediction that by 2035 there will be a Social Security benefit deficit. The new generation of workers are now advised to not depend on Social Security but has to supplement with other financial growth funds such as the market portfolios, income lifetime annuities and cryptos.
About the Vlogger
Karina Pobre Vesagas, CSS™, RFC®, CAS®, RICP®, is the CSO (Chief Simplification Officer) of the Longevity & Legacy Consultants team. She is also the Brainchild of the Longevity Chronicles. She believes that enjoying life should not be put on-hold when you’re “actively working” nor it should cease during “retirement” because of money worries. What we need is insight through planning ahead at every milestone. She has multi-state licenses and has been a die-hard advocate for safe retirement places which are non-market strategies both pre- and post-retirement. She is also an approved member in good standing with the National Ethics Association (NEA), and various financial organizations including the IARFC, the National Association of Professional Agents (NAPA), and the National Association for Fixed Annuities (NAFA).
On a personal note, she is a career transitionist and a misfit from health care, somebody akin to Watson in Sherlock’s adventures. She still dabbles here and there in her community and helps in health care and long term care enrollments in areas that are vulnerable all over Georgia. She’s currently hooked on research about longevity and aging well. If she’s not brainstorming with her team in the office, she’s kayaking somewhere at the Hooch, globe trekking, or hiking in the great Georgia outdoors and trails with her family.