Your Money Or Your Life: Which Will Run Out First?14 years ago
Posted on Mar 31, 2004, 5 a.m.
By Bill Freeman
Two-thirds of all people who have ever lived past the age of 65 are alive today. This growing older population and a smaller younger one pose unprecedented challenges for America, according to Certified Senior Advisor Brent Dees, CFP
(PRWEB) March 31, 2004 -- Two-thirds of all people who have ever lived past the age of 65 are alive today. This growing older population and a smaller younger one pose unprecedented challenges for America, according to Certified Senior Advisor Brent Dees, CFP® and president of Brent Dees Financial Planning. Dees is available to deliver presentations on this subject for Charlotte and Greensboro metro area groups.
“The paradox of seniors is that they hold two-thirds of the country’s assets, yet have the highest bankruptcy rate of any group. They seek love and companionship, yet if one remarries after the loss of a spouse, they face a divorce rate of 85%. They want to live long and productive lives, yet the highest suicide rate in the U.S. is for white males over age 75,” Dees says. “All of these stresses on our seniors demand a response that considers interrelated health, financial and social issues.”
Dees says that by 2020 the over-50 population will grow by 74 percent, while the under-50 population will grow only 1 percent. Additionally, technology is on the horizon that will significantly increase human longevity.
“Social Security was never designed to replace individual retirement programs,” says Dees. “Even combining Social Security with what was adequate financial preparation 10 years ago is not enough in this remarkable time of medical technology advances. A huge number of people are going to outlive their money if they don’t take immediate action.”
Brent Dees, CFP, CSA is president of Brent Dees Financial Planning and a registered principal with the Financial Network Investment Corporation. He is one of only a handful of advisors in the nation who has both the certified financial planner and the certified senior advisor designations.