Who wants to live to 100? The answer may vary, but one thing is certain: more people are reaching this milestone than ever before. Longer lives mean longer retirements, more healthcare needs, and bigger questions about how to protect your wealth and your legacy.
Living Longer, Planning Smarter
The number of Americans age 100 and older has nearly tripled in the past 30 years and is expected to quadruple in the next three decades. While it's an incredible achievement to live that long, longevity brings new challenges. Retirement funds, healthcare, and estate plans need to stretch further than they ever have.
Take Georgia resident Naomi Whitehead, who turned 114 in 2024. She's seen over a century of change and outlived her husband and three sons. Her story highlights why planning matters—not just for your own lifetime, but for future generations too.
Health, Wealth, and Longevity
More years of life doesn't always mean more years of good health. Chronic illnesses like arthritis, diabetes, and dementia are becoming more common in later years. That means:
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Healthcare costs rise the longer you live. A typical 65-year-old couple may face over $680,000 in lifetime medical expenses—not including long-term care.
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Retirement savings may fall short. The median savings for people ages 55–64 is around $185,000—not nearly enough for decades of retirement.
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Long-term care is expensive. Nursing homes or in-home care can cost upwards of $100,000 per year.
Estate Planning in the Age of Longevity
Estate plans are often outdated—or missing altogether. But when you live longer, the risks multiply:
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Old powers of attorney or healthcare proxies that no longer reflect your wishes
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Trustees, executors, or beneficiaries who have passed away
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Family dynamics that shift over time (grandchildren, step-relations, even great-great-grandchildren)
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Rising long-term care costs that drain your estate
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Unintentional disinheritance if documents aren't kept current
A longer life calls for a stronger plan—one that not only covers finances but also incapacity, healthcare decisions, and the smooth transfer of your legacy.
Planning for the Century Mark (and Beyond)
Even if you don't expect to live to 100, it's wise to plan as though you might. Consider these strategies:
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Prepare for healthcare costs. Long-term care insurance or hybrid policies can help.
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Secure steady income. Stress-test your retirement plan with conservative withdrawal rates or annuities.
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Keep documents current. Update powers of attorney, healthcare proxies, and trusts regularly.
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Use trusts wisely. Trust-based planning can protect assets, avoid family disputes, and carry out your wishes across generations.
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Review regularly. Revisit your plan every 3–5 years or after major life events.
Let's Take the Long View
Whether you've already created an estate plan or are just starting, National Centenarians Day is a good reminder: life may last longer than you think. Does your plan reflect today's needs? Are your decision-makers still the right people? Have you accounted for the possibility of incapacity, not just inheritance?
At Sheil Law Firm, we help families prepare for the future—whether that future spans decades or a full century. A thoughtful plan protects not just your assets, but your quality of life and the people you love most.
