Source: Fortune
Summary
Americans are living longer, but many are not prepared for the challenges that come with aging. A report by the Milken Institute highlights the need for a holistic approach to retirement planning, including finances, health, housing, care, and social connections. The report notes that 80% of households with adults over 60 lack the resources to cover long-term care costs or financial emergencies. Financial institutions, employers, and communities must work together to support individuals in planning for longer lifespans.
Our Reading
The numbers tell one story.
The oldest baby boomers will turn 80 in 2026, testing the preparedness of financial, health, and social systems.
Most Americans are not ready for the challenges of aging, with 80% of households lacking resources for long-term care costs or financial emergencies.
Financial institutions have a critical role to play in preparing clients for longer and more complex financial needs.
The system for supporting planning for retirement and longer lifespans must be a collective effort across stakeholders.
Longevity planning is not just about individual preparedness, but also about creating an ecosystem that supports aging well at home.
Author: Evan Null
