The Market Now

Seniors are living longer, but they’re savings aren’t

America’s greatest generation has seen the global landscape change dramatically from World War II to the age of the World Wide Web. And one of the biggest changes has been the dramatic increase in their life expectancy. In fact, today seniors 65 and older represent one in every eight Americans, or 12.4 percent (12.4%) of our country’s population; almost 37 million people. They cut across racial and ethnic groups, too, with ethnic minorities representing nearly 20% of seniors.

While seniors are well-known for looking ahead and planning for the future, longevity threatens their retirement security, and as a result nearly 16.7% of seniors live at or below the poverty level (US Department of Health and Human Services, Administration on Aging Fact Sheet, 2007).

Enter life settlement. The windfall from the sale of an unneeded or unwanted life insurance policy can have a dramatic impact on seniors’ ability to meet their financial needs.

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