Medical Miracles & Financial Realities
When I read Dr. Stuart Kim's claim that The first person to reach the age of 200 is already born and is living among us, I thought this was an exaggeration, but now I believe it might be possible.
Two significant breakthroughs were achieved in the medical industry this week.
These medical advancements have had successful initial trials and are expected to help cure Cancer and prevent Alzheimer's—two of the most deadly killers globally.
But as we celebrate these medical achievements, we must also consider how they will impact our finances and retirement planning.
Global life expectancy has been rising consistently in the last few decades, and with such medical advancements, it is expected to go up further, which is good news.
But it also means that we will live longer in retirement and will need a bigger retirement corpus. Also, the impact of inflation on our income and savings would be more pronounced.
With AI and robots threatening to replace humans, the future of employment is already a big question mark. With people living longer, finding suitable and fulfilling work opportunities and a stable income could become increasingly challenging. Therefore, a well-thought-out retirement plan becomes crucial to ensure financial security and independence in your later years.
Many countries like the USA, Canada, Japan, the UK, and France have a functioning social security system to care for the old and sick. But with an increase in life expectancy, these systems could face a massive strain in supporting people longer than expected.
As medical advancements push the boundaries of human longevity, preparing for a longer retirement becomes essential.
With efficient money management, early retirement planning, and a focus on health and multiple income sources, you can ensure a fulfilling and financially secure retirement, even if it exceeds your expectations.
Embrace the potential of living to 200 and embark on your retirement journey with confidence and optimism.
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