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The Wall Street Journal published some interesting statistics on aging the other day from the U.S. Census.

• 40 million Americans are currently age 65 or older
• 55 million are projected to be 65 or older by 2020
• 72 million are projected to be 65 or older by 2030
• 88.5 million Americans are projected to be 65 or older by 2050
• 5.8 million Americans are currently age 84 or older
• 19 million Americans are projected to be 85 or older by 2050
• There are 105,000 centenarians currently in the U.S.
• 601,000 centenarians are projected by 2050.
• 27% of Americans age 65 or older lived alone in 2008.

So what does this mean for you? It means you need to plan for a longer retirement period when you do your financial planning and also plan for your health maintenance as you age.

To prevent running out of retirement money, plan for at least 30 years of retirement. Many financial experts now recommend that a portion of your retirement income come from guaranteed lifetime income in the form of annuities, an income that you cannot outlive.

To ensure your health maintenance and to preserve your assets, consider obtaining a long-term care insurance policy. Not only will this protect your financial assets, it will also provide peace of mind knowing you will be cared for if you require care at home or in a nursing facility. Learn more here.

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