As a gerontologist and longevity expert, Kelly Ferrin has been studying aging and retirement issues for over 30 years. Her extensive work in the financial services industry over the last decade, presenting the latest research, facts and trends in longevity, has provided a new perspective on planning for retirement as a phase of life completely being redefined. It’s more than just the money that determines a successful retirement, and Kelly’s message provides unique insight and information to ensure an effective action plan. Her focus on the LifeSpan, HealthSpan, and WealthSpan aspects of Longevity Management is not only creating a shift in thinking to help better communicate, protect, and plan for all aspects of a client’s life, but is also Kelly’s introduction of Financial Gerontology, to assist the industry effectively address longevity risk, rising healthcare costs, and generational planning.
Rethinking Longevity & Retirement
Life’s A Journey – Retirement Redefined
- The psychological effect of longevity on financial and retirement planning.
- Financial Gerontology: Navigating the financial ramifications of longevity.
- Shifting thinking from living and financing a linear life plan to a Cyclic life plan.
- Retirement Planning’s New 3-Prong Approach: LifeSpan, HealthSpan and WealthSpan.
LifeSpan – Living Long Reality
- The chance of living to 100 has increased 43% in the last 10 years.
- The 90+ population tripled in last 30 years; The 100+ doubled in last 20 years.
- A 65 year-old couple today has a 50/50 chance that at least one will live to 90.
- The 85+ population is the fastest growing segment of the U.S. Population.
HealthSpan – Longevity Risk Management
- The role we play in living long and living well: 70% Lifestyle, 30% Genetics.
- Retiree health care costs up 500% in last 20 years – Largest, unknown expense.
- Health care costs are the #1 concern, biggest risk, and missing link in planning.
- The Health and Wealth connection: Majority unaware how long will live and cost.
WealthSpan – Financial Plan for Health
- The majority of bankruptcies in the U.S. today are due to health care costs.
- Fastest growing population segment seeking bankruptcy protection: 65+ up 150% and 75+ up 433%.
- Being a burden on the family is a top concern- yet 80% of care is provided by family members.
- The average 65+ couple will likely spend $260K on health care in retirement, not including LTC costs.