It may sound like common sense, but the older you are the longer you’re going to live. According to the Social Security Administration, men who reach age 65 can expect to live until age 84 and women who reach age 65 can expect to live until nearly 87. People are living longer lives and many Americans are living twenty years beyond their retirement. This increased longevity forces many people to change the way they view their later years.
Requiring Care
According to the U.S. Department of Health and Human Services, nearly seventy percent of people turning age 65 can expect to require some form of long-term care during their lives. Not only is the chance of needing long-term care high, many people are requiring care for a longer duration. This increased benefit duration affects women more than men. Women tend to need 3.7 years of care, on average, while men require only 2.2 years. Almost twenty percent of seniors will need care for more than five years.