DeepSummary
The podcast episode discusses the impact of increasing life expectancy on the economy and personal finances. Nicole Lapin interviews Michael Clinton, a longevity expert, to understand how living longer affects retirement plans, Social Security, and the need to work longer.
Clinton explains that while people are living longer, Social Security was designed when life expectancy was much lower, leading to potential shortfalls in the future. He suggests that individuals may need to work longer, perhaps into their 70s or 80s, to fund their retirement adequately.
The discussion covers strategies for managing finances in a longer life, such as continuing education, career pivots, and treating financial wellness as seriously as physical health. Clinton emphasizes the need for a mindset shift away from traditional retirement expectations and towards a more flexible, active approach to later life.
Key Episodes Takeaways
- Life expectancy is increasing, so people need to plan for longer retirements
- Social Security payments may be reduced for future generations due to more retirees and less workers contributing
- Working into one's 70s or 80s may be necessary to fund a longer retirement
- People should be prepared to have multiple careers or 'career pivots' rather than a traditional linear retirement
- Treating financial wellness with the same priority as physical health is crucial for a secure longer life
- Continuing education and reskilling will be important to remain employable later in life
- Traditional concepts of retirement at 65 and not working again are outdated
- Having a flexible, active mindset about later life is key to managing increasing longevity
Top Episodes Quotes
- “The 100 year life is here.“ by Michael Clinton
- “Social Security is not going to go away because everybody pays into it. So there's a constant flow of income into the Social Security coffers.“ by Michael Clinton
- “Treat your financial wellness the way you treat your health. Treat your financial wellness and your balance sheet and your net income and all of your assets the same way you look at your health metrics in terms of your blood pressure and your heart rate, that's integrated into everyday lives.“ by Michael Clinton
- “The 60 year career is here, less so for some of us, but certainly for younger people who are going to live even longer.“ by Michael Clinton
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Episode Information
Money Rehab with Nicole Lapin
Money News Network
3/21/24
Here’s some great news: we're living longer lives. But that also means we’re going to have to save more for a longer retirement. Today, Nicole talks with Michael Clinton, bestselling author and New Longevity expert, on the significant impact our longer lives will have on the economy— both good and bad, how that affects what we can reasonably expect to earn from Social Security when we retire, and answer the question: what if I can’t afford a long life? Spoiler alert - you can. Nicole and Michael tell you how.
To learn more about Michael's work, click here: https://roarforward.com/book/