Longevity Literacy & Retirement

LIFE EXPECTANCY IS ON THE RISE

Have you wondered about life expectancy in the US − in the wake of the COVID pandemic? According to Macrotrends, longevity in this country is now 79.25 years, which is a 0.18% increase from last year. Other research from 2024 suggests that global life expectancy could increase four years by 2050. This projection is likely due to public health initiatives that have improved survival rates for a variety of diseases. A report from the 2023 TIAA Institute concluded that most adults in the US have poor “longevity literacy” – in that they lack knowledge about the life expectancy of a 60-year-old. This is important because those with low longevity literacy tend to be more vulnerable financially, according to TIAA. The research looked at factors that tend to increase life expectancy. These include “education level, type of work performed, pay, and access to medical care.” The research assumed that a 67-year-old adult will live to about age 90 – with a 25% chance of surviving to 95, and nearly a 10% likelihood of making it to 100. Most important, according to the study, high longevity literacy is related to a well-funded retirement. As stated in the research, the “negative impact of outliving income is much larger than the negative impact of over-saving and, at worst, leaving the remaining balance to a beneficiary or estate.”

GOVERNMENT / LEGISLATIVE UPDATE

SENATE COMMITTEE ON AGING FOCUSES ON HEALTHCARE

On July 11th, the US Senate Special Committee on Aging held a hearing entitled, “Health Care Transparency: Lowering Costs and Empowering Patients.” The senators focused on challenges in the current health care system, which include a lack of transparency and competition. One solution, offered by Chairman Bob Casey, is the Capping Prescription Drug Costs Act. This legislation would expand prescription drug cost savings to the commercial health care market by capping out-of-pocket costs at $2,000 annually for individuals and $4,000 annually for families with private insurance.

Largest Gathering of Centenarians

RETIREMENT HOME IN ITALY BREAKS RECORD

Earlier this month, a retirement home in Italy, the Fondazione Opera Immacolata, broke the record for the largest gathering of centenarians. This convening beat the previous record of 45 people who were 100 or older in 2016 in Australia. To verify the veracity of this record, official documents were required to prove each person’s age. One of the participants, Marcato Antoneitta, age 109, was asked the secret to his longevity. His response was physical exercise, maintaining a healthy diet, being curious, to keep reading, family love and “working to nurture your resources to avoid boredom and apathy.” After the record was achieved, the mayors of each of the Italian provinces donated olive trees – to celebrate the contributions of older people.

SCAM ALERT

AT&T’S SECURITY ISSUES PERSIST  

AT&T customers should beware as the telecom company continues to face challenges related to the security and privacy of customer data. The communications giant suffered a massive hack of customer data – in addition to the breach reported earlier this year. Several weeks ago, it was reported that records of calls and texts for nearly all of its \mobile-phone users for a six-month period in 2022 were exposed. This breach has been called one of the biggest compromises of communications data in US history. AT&T said this data included the telephone numbers of “nearly all” of its cellular customers and the customers of wireless providers that use its network between May 1, 2022 and October 31, 2022. These logs also contain a record of “every number AT&T customers called or texted – including customers of other wireless networks – the number of times they interacted, and the call duration.” While a good deal of information is still unknown about the breach, it has the potential to be devastating for customers, including anyone who doesn’t want others to have knowledge of the people they are calling − such as politicians, law enforcement, and journalists and their sources.

Happy Birthday, Elizabeth Francis!

OLDEST PERSON IN THE US REACHES 115

The oldest person in the United States, Elizabeth Francis, celebrated her 115th birthday on July 25th, according to LongeviQuest. A Houston resident, Francis was born in Louisiana in 1909 during the Taft presidency. She raised her now-95-year-old daughter as a single mother, ran a coffee shop for a living, and always preferred walking over driving. When asked for life advice, Elizabeth said don’t be afraid to speak up. She explained “If the Good Lord gave it to you, use it! Speak your mind, don’t hold your tongue!”