Guest Post: How Living Longer Should Change the Way We Plan Our Retirement

Guest Post: How Living Longer Should Change the Way We Plan Our Retirement

More people are living longer – according to a fact sheet compiled by the Population Reference Bureau, the average life expectancy of boomers increased from 68 years to 79 years. This proves that mortality rates have decreased during the golden years.

Additionally, the gender gap in life expectancy has narrowed. The number of years between both genders has decreased significantly, from 7 years to less than 5 years.

What this all means that retirement should be redefined. With additional years to consider, a new way to planning can be implement to secure one’s future. Here are a few pointers on how one can address both health and financial needs during retirement – while considering longevity as well.

Learn and Choose a Health Care Option

Here’s a surprising thought: most baby boomers, when planning for retirement, tend to overlook health care. As seen in a study conducted by the Insured Retirement Institute (IRI), a third of the 39% of boomers who have made attempt to figure out how much needs to be set aside for the twilight years did not in include health care costs in their plans.

As such, purchasing insurance coverage and learning about different health care options will help cover the health care costs and other expenses you may encounter during retirement.

Considering longevity as well, here are some suggestion options to consider:

Long Term Care Insurance

As pointed out by the U.S. Department of Health and Human Services, most individuals 65 years old and above will need some form of long term care during the twilight years.

With private rooms in nursing homes reaching up to $7,698 per month, the cost of care is definitely high. And considering as well the additional years, receiving even essential care may now seem to be a pipedream for some.

Purchasing a Long Term Care Insurance (LTCI) should help one pay for this type of care. To save up on premiums, consider purchasing an LTCI as soon as possible – rates scale to an applicant’s age.

Medicare Supplement Insurance Plans

Medicare Plans, as essential for every boomer in the country, also do come with unique financial risks. A Commonwealth Fund report revealed that a whopping 15 million Medicare beneficiaries spent 20% of their household income on insurance premiums and out-of-pocket health care costs last year.

The 20% figure may also increase, for individuals with chronic health conditions or those facing financial difficulties.

As such, purchasing a Medicare Supplement Insurance Plan (Medigap) is the way to go in addressing these costs. Designed to help policyholders pay for the gaps (out-of-pocket health care costs like coinsurance fees, copayments, and deductibles). Medigap insurance plans provide the convenience that boomers deserve, even during extended years in retirement.

Purchasing a Medicare Supplement can be through a private insurance company. Please make sure to check for more resources from sites such as and FreeMedSuppQuotes when requesting a quote – doing so will give you the most out of the money you’ll be paying for coverage.

Direct Primary Care

Lastly, stretching your nest egg when it comes to health care can also be through Direct Primary Care. This health care option, wherein a physician charges patients a flat rate for his or her services, can be a more flexible way for boomers to manage finances.

Setting the Right Mindset

Of course, setting and changing your perspective on living longer will help you realize and acknowledge the many wonders you can experience during the golden years.

A positive outlook will allow you not only to look forward for the future. It’ll also help you see challenges as opportunities to learn and transform to other benefits.

Author Bio:

As the Online Content Director of, Leandro Mueller aims to push for awareness and promotion of the many benefits of Medigap insurance plans in the market. He hopes that his work will help boomers and retirement industry experts alike in their lives.

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