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  • Plan Ahead and Spend Smart to “Age Out Loud”

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    May is Older Americans Month. Led by the Administration for Community Living and the Administration on Aging, WISER joins with organizations across the country to celebrate older Americans and their unique contributions to society. This month’s theme is Age Out Loud.

    “Age Out Loud” means something different for everyone. For some, it might mean traveling to new countries upon retirement. For others, it might mean participating in social activities, like sports leagues, book clubs, or going out to dinner. It might mean spending quality time with loved ones, volunteering or engaging in community or civic events.

    Regardless of how you define aging out loud, there is a common truth to doing so: you want options about how you’ll live, where you’ll live, who you’ll live with and what kind of care you’ll receive. You’ll want the freedom to make choices. Being able to choose what’s best for you in retirement requires planning ahead and saving.

    If you are already retired, being able to age out loud in the future also means understanding your resources and how best to use them. First, take stock of your sources of income. Oftentimes, those include Social Security and employer-sponsored retirement plans–like a pension or 401(k).

    Once you take stock of your sources of income and their values, consider your spending needs, and how they are likely to change as your retirement goes on. Take into account factors like inflation, taxes, your likelihood of living many years, how you plan to invest and spend your assets, and whether you plan to leave anything to your heirs. It is difficult to know how long your retirement will last, but there are predictions available based on how old you currently are. If you turned 65 in 2005, there is about a 50 percent chance that you will live until at least age 85. It is also difficult to know how much your medical care and insurance will cost during insurance. The federal Medicare program covers almost all Americans, but is unlikely to cover all of your medical needs.

    Don’t just plan for the day you retire- plan for the days, months, years and even decades that may follow. Aging Out Loud, whatever that means to you, demands it.

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    WISER

    About Us

    WISER is a nonprofit organization that works to help women, educators and policymakers understand the important issues surrounding women's retirement income. WISER creates a variety of consumer publications including fact sheets, booklets and a quarterly newsletter that explain in easy-to-understand language the complex issues surrounding Social Security, divorce, pay equity, pensions, savings and investments, banking, home-ownership, long-term care and disability insurance.

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