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Financial planning for a longer life

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As more Americans are living into their 90s, experts believe it is important a person's financial plan that's in place will accommodate this new life longevity, according to the Wall Street Journal.

The number of individuals who will live to age 100 increased 43 percent over the last ten years. In 2000 only 50,454 Americans had a century long lifespan, but in 2010 that number had risen to 71,991, the media outlet reports.

Some experts believe that annuities or whole life insurance policies offer a sound financial plan since they may provide a payout for the remainder of a person’s life. Laddering investments can also provide extended income benefits.

Many financial advisers are also suggesting Americans invest in longevity insurance. These plans allow people to give an insurance company a lump sum of money in exchange for monthly income that starts after the individual reaches age 85, according to U.S. News and World Report.

"It's a very interesting alternative to a traditional annuity," Anna M. Rappaport, a consulting actuary and chair of the Society of Actuaries' Committee on Post-Retirement Needs and Risks, told the news source.
 

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