What Is Longevity Literacy and How Can You Use It To Better Inform Your Retirement Saving?
Planning for retirement can be complicated as there are not only many personal parameters to take into consideration, but macroeconomic factors, as well. But experts say that so-called longevity literacy is also an important aspect that can help make planning easier and secure a more comfortable financial future.
See: Why Retirees Are Expected To Sell Their Homes in These 10 Cities
Find: 3 Ways To Recession-Proof Your Retirement
Longevity literacy refers to ones understanding of the implications of an increased lifespan, particularly in relation to retirement planning. As lifespans extend, its not just about living longer, but also ensuring the quality of life during those extended years, said Eliza Arnold, co-founder at Arnie.
With advances in medical science and improved living conditions, people are living longer. This longevity means retirement savings need to stretch further than ever before, said Arnold. Longevity literacy isnt just about recognizing that we might live longer; its about planning for those additional years in terms of health, finance, and lifestyle.