February 24, 2016
By: Zachery Shiner, Manager of Retirement Services Division, Michigan Planners
As of the date of writing this article, the Guinness World Records has the oldest living person surviving to be 122 years and 164 days. That’s a lot of birthday candles!
Advancements in medical technology, among other factors, have led to a trend in people living longer, states Lora Wyatt, Director of Leasing for Rosehaven Manor, a retirement community headquartered in Livonia, with 7 different retirement communities, including one in Flint.
During her 22 years working for Rosehaven Manor, Wyatt has seen a trend in seniors living longer. “I’ve really noticed [this trend] in the last eight years. Before we used to see a much younger clientele,” Wyatt states.
Currently, her oldest resident is 101, and the average residency age is in the early 80s, an increase up from 10 years ago when the average age within her communities was around 78.
As individuals embrace the idea that we will live longer, proper planning should be executed for residency, care, lifestyle, and the financial planning involved along the way.
With the market currently on a downward stretch, retirement planning is not something that should be done once a year and then left alone until 3 years later. For many, this is how it is. Within the last few years, however, companies of all industries have taken steps to make retirement planning a little bit easier, and a little bit more in your face.
One-on-one meetings at the workplace are growing in popularity. Companies are arranging to have retirement advisors sit down with each employee and personally review current needs and future necessities. For some workers, this can be the biggest first step to achieving “Retirement Readiness,” a term that refers to making plans to achieve future financial security.
Companies benefit by being able to provide another way to improve employee morale, as well as retain quality workers. Employees benefit by understanding where they are financially and how they need to prepare.
As we age – yes, we all age – several employees do one of two things. They either begin to fear the thought of retirement, or they dodge the topic altogether. For you procrastinators, talk with your advisors today.
And for those of you looking to break the current record of 122 years (and 164 days!), go for it! Just be financially prepared!
Michigan Planners is a statewide employee benefits agency with more than 50 years of experience. With offices located in Traverse City and Clinton Township, they serve as a long-term strategic partner in the design, implementation and management of employer sponsored benefits.