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Life expectancy fo Americans is generally on the rise. Many retirees can expect to live twenty years more in retirement, and with the rapid medical and scientific developments we see today, the trend is likely to continue. In 1998, only 40,000 people were 100 yeards old or older. But experts predict that by 2050 nearly one million people will live to be 100.
This is certainly a sign of progress. Yet longer life, with its added years of retirement, requires greater financial assets. Retirement can be a time of deteriorating health. Insurance and other medical safety nets will often cover a portion of these costa. But in many cases, the remainder can only be defrayed by the retiress's personal resources.
According to a 1999 study of saving across generations, nearly half of all Americans in their 50'2 or early 60's---49 percent--believe strongly that they should have begun to save for retirement much earlier than they did. When asked to identify the ideal time to start retirement planning, the "group picked age 22...eight years earlier than they themselves began to plan."
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