Depending on the age cohort, 55-77% of people are afraid of living too long*. Perhaps people should put “Dying Sooner” into their financial plan?
I gave a talk last night at the Revere (MA) Public Library where I said as much to the crowd. A majority of people according the survey sponsored by Allianz (Reclaiming the Future) are worried about outliving their assets. (Read more about the problem in this Reuters article HERE).
Bottom Line: people fear most being old and broke, surviving on cat food
I guess we can stop putting all of that fear money into ghosts, Sasquatch, and the Loch Ness Monster? All kidding aside, this is a serious issue and one that many people have not addressed in their financial planning. Fortunately, in response to the increased longevity of the American population, some companies, including prominent insurers, have created products that can protect against this risk (no it’s not a gun!).
I would recommend people ask their financial planner about ways to protect against this blessing of a risk (wouldn’t it be cool to be healthy and see your great-grandchildren??). There are also many resources on the web but as I also said last night, too much information causes “paralysis by analysis” and some of these topics require action.
By the way, for history buffs, check out the Revere Public Library website and read about Andrew Carnegie’s involvement in the building of the library.
*Allianz Life Insurance Co Reclaiming the Future Survery