It’s timeto start preparing for your 100th birthday

Americans are witnessing a longevity revolution. A century-long lifespan is thrilling to consider, but living longer demands planning for longer.

The implications of a longer-living population will have a significant impact on our state. The S.C. Department on Aging projects that the number of South Carolinians older than 60 will double over the next 25 years. With the proper retirement planning, they could provide our state with many economic benefits.

__________

Will: Illinois exemplifies our fiscal foolishness

SC lawmakers to tackle troubled state retirement system

__________

However, only two out of three Americans open a retirement savings plan before age 55. And the numbers are lower among those ineligible for employer-based plans, with just one in three having a retirement account.

READ MORE: The Sightlines Project of the Stanford Center on Longevity in partnership with Bank of America suggests many won’t have the financial security necessary to support a longer life

Millennials and Gen Xers are the most concerning populations, with just more than half considered financially secure. Debt among 25- to 34-year-olds has exploded fivefold over the past 15 years, preventing today’s young adults from accumulating wealth as quickly as previous generations.

By comparison, Americans 65 and older are the most prepared. Typically working longer, accumulating less debt and more likely to own a home, they have more predictable retirement income due to Social Security and pensions.

Our state needs to prepare for the challenges associated with an aging population. But we also need to prepare for or head off the problems that will compound as younger, less-prepared generations age.

South Carolina is now the 10th fastest growing state, thanks largely to an influx of more financially secure retirees. Our state’s working-class population has grown as well, but it still consists of less financially secure younger workers. And with more and more employers now scaling back traditional retirement savings tools, individuals need to take an early and more active role in their retirement planning.

This should start by expanding financial education, increasing accessibility to retirement savings tools and developing strategies to reduce short-term consumption in favor of long-term stability.

Your 100th birthday might seem like it’s a long ways off, but now is the time to begin preparing to ensure it’s a happy, healthy and secure day.