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The World Health Organization reports that by 2050, 2 billion people (22% of the population) will be age 60 and older, up from 605 million (11% of the population) in 2000. Older adults must make important, and often irreversible, decisions that impact the rest of their lives.
Examples include when to take Social Security and pension benefits, whether to buy long-term care insurance, how to most efficiently draw down savings and whether to annuitize assets.
Unfortunately, while advances in wealth and medical science have led to rising life expectancies, longer lives create the risks of running out of financial assets sufficient to support a minimally acceptable life style and cognitive impairment, which makes us more susceptible to becoming the victim of elder abuse.
What The Research Says
As described in the book “Financial Decision Making and Retirement Security in an Aging World,” the latest volume in the Pension Research > SEE MORE