70 IS the new 50
Posted On May 14, 2015
We all like to think that 70 is the new 50, but according one group of researchers in Austria, it’s actually so.
According to the Telegraph, academics from the International Institute for Applied Systems Analysis believe that what we call old age shouldn’t be defined by a starting point, such as the trusty retirement age of 65. Instead, they argue, we should judge it by how much time we typically have left to live.
And with life expectancies growing, they contend that “old” is older than it used to be.
The article cites an estimate from Great Britain’s Office for National Statistics that the average Baby Boomer retiree will live another 24 years. With researchers defining old age as having another 15 years to live, that would put the threshold at about 74, about a decade later than we’ve become accustomed to thinking.
Such research may be perfect fodder for companies and government entities looking to put off paying out pensions or other retirement benefits for another few years. But if the research is accurate and we can expect to live through our 80s and possibly into our 90s, while still enjoying active lifestyles through our 60s and 70s and maybe even into our 80s, most of us would take it as a good thing.
A longer life span and a more active lifestyle in our later years should send off warning signals in our fiscal minds, however. Unless you’re planning on working longer, take whatever you’re saving for retirement and increase it. Because it probably isn’t enough.
That and don’t worry about buying that mid-life crisis Camaro just yet. You’ve still got a bunch of good years left in you.Categories: Retirement