Everybody wants to live longer and people are living longer than before. But living longer means you have to work longer and save more money to support yourself. Also, you have to rethink your retirement investment. It means you have to wisely invest after your retirement so that it brings money continuously. Otherwise, you will find it difficult to cover your costs for those extra years.

If you are planning for retirement and wondering how to cope with those extra years, you can visit Vivante Living. They have discussed and calculated everything more deeply for you to understand it clearly. After your retirement, you also need to save money for health care. As you age, you need more health care support. You may need assisted living, nursing homes, etc based on your requirements.

Impact on Retirement Savings

The traditional retirement age is considered to be 65-66, right? According to the Social Security Administration, after retirement at 65, one may live 19 to 20 years. It shows a vivid improvement in life expectancy over time. Some people are also expected to live to 100 years or more. So, it is easy to understand that the more you live the more you have to spend.


It is a matter of surprise that most Americans are indifferent when it comes to saving for retirement. That’s why they find it difficult just after a few years of their retirement. In fact, a study by the Economic Policy Institute shows that half of all workers in the U.S. have less than $5,000 saved for retirement. And it’s not just low-income workers who are struggling; nearly a third of those earning over $75,000 per year have less than $75,000 saved.

Impact on social security

Since the passage of the Social Security Amendments of 1983, changes in the law have resulted in a longer life expectancy for those receiving Social Security benefits. Today, over 60 percent of men and over 70 percent of women receiving Social Security can expect to live to age 80 or more. This means that many retirees will now receive benefits for 20 years or more.

Impact on Healthcare Costs

Another important thing you have to consider is healthcare costs after your retirement. Healthcare costs will continue to rise and you have to invest in it as you age. You know that older people fall sick more than the younger. If you don’t have a handsome amount of savings for you, it will become harder to manage the extra money for your healthcare costs.

Maybe, you need to spend a few months in a nursing home. In this case, a handsome amount of money is needed to pay the bill. A recent study by the Commonwealth Fund found that those aged 55 and older are more likely to experience financial hardship as a result of their health care costs.

In fact, nearly half of all adults in this age group had problems paying medical bills, unable to pay for food, clothing, or housing, or had to borrow money or sell assets in order to cover their health care expenses.

You may have to work longer before retiring

It is becoming increasingly difficult to retire at the traditional age of 65. The average life expectancy has increased, but the age at which people can receive full Social Security benefits has not changed. This means that people have to work longer in order to receive retirement benefits.

There are a number of ways to prepare for working longer. You can save more money so you have a cushion in case you need to postpone retirement. You can also look into phased retirement, which allows you to gradually reduce your hours instead of quitting cold turkey.

Working longer can also be a good opportunity to boost your income and save for retirement. Whatever route you choose, it is important to start planning now for a longer work life. The sooner you begin preparing, the easier it will be to make the transition from working to retirement.

Your money needs to continue to work for you in retirement

After your retirement, you have to invest your pension in a strategic way so that it continues to deliver investment growth. Most people fail to plan how to invest their pension in the right way. Therefore, they cannot expect to have a good return on their money.

If the same case arises for you, too, you can have a better plan from a financial consultant before you go ahead. You can start by saving as much as you can and investing that money wisely. Review your budget and make adjustments so you can live comfortably on a fixed income.

Stay healthy so you can enjoy your retirement years. Finally, be sure to consider searching for senior living care options so you can be prepared for any potential changes in health or living situation, then keep your savings and investments updated so they continue to grow with the times.

It is obvious that the more you live the more you have to consider working longer, paying for healthcare costs, and investing in social security. Most elderly people are seen to need assisted living or nursing homes which are costly. So, your pension should be invested wisely so that you can spend to lead a better life even after your retirement.