Do you share these thoughts on living to 100?

In the year 2125, there will be a significant percent of today’s children age five and under, still living. American centenarians ages 100 and older are projected to more than quintuple over the next three decades, from an estimated 108,000 in 2024 to about 513,000 in 2054. Globally, the number of centenarians is expected to increase dramatically from 573,000 in 2021 to over 17.9 million by 2100.

Today there are approximately 22 million children aged five years and younger living in the United States. According to the Stanford Center on Longevity, at least half of those children will live to be 100. What will their lives be like?

Can we even imagine the innovations in tech, medicine, bionics, immersive entertainment or breakthrough clean energy transportation that will be just another Tuesday by then? Like turning on the lights today vs in 1880 when Alexander Bell patented the incandescent light bulb. Consider the progress of the last 100 years. In 1925, unified handsets of telephones were just emerging, and operators dialed for you. Ford’s model T was the best selling car in America. Flying was still a luxury experience, not yet accessible to the general public. And a company that would soon be known as RCA, introduced the Victrola in late 1925, which became a major innovation in record players.

But progress in the next 100 years will occur in an exponential curve and the milestone of living to 100 will be normalized. In the words of Laura Carstensen, director of the Stanford Center on Longevity “We have an incredible opportunity to redesign our lives…Think of it more as an extended middle age, rather than a longer old age.”

But like all societal transitions, there is a plurality to how people react to a new reality, even when it’s an extended lifetime that spans a century.

Kerry Sette is the Vice President, Head of Consumer Insights and Research at Voya Financial. In her role, she oversees the strategic research programs that help to advance Voya’s goals.

She recently conducted a study to identify how people feel about the prospect of blowing out 100 candles one day. They surveyed current attitudes about how this changes people’s needs, their plans and their investments so they can both enjoy as well as afford the 100-year life.

Voya also discovered that across generations there are mixed emotions about living so long. Some see it as a miraculous gift, others a source of anxiety. The miraculous gift group focuses on the benefits of more time with loved ones, the opportunity to see advancements/inventions/innovations and the time to experience and achieve more. The anxious group lives in the practical and they feel more ambivalent and/or negative because they assume their quality of life would be diminished, the cost of living too high, and they wouldn’t have adequate support.

45% of consumers surveyed agree it is their goal to live to 100 years or older, while nearly 3-in-10 either feel neutral about the idea or disagree. Working Americans who are benefits-eligible are more likely to agree with this goal (49%). They also want to leave a legacy and have more experiences/adventures in life. Those who disagree had concerns that their health would have deteriorated so much that they would become a burden to others, they would be lonely/socially isolated or have financial challenges.

Overwhelmingly though, 7-in-10 Americans agree they want to live as long as they possibly can. To do so, consumers are prioritizing their health today (eating healthy, exercising regularly) as well as focusing on saving for a longer retirement. However, while the idea of living to 100+ sounds nice, most have not practically planned for a 40+ year retirement.

More than one-third (35%) believe that people who have saved more for retirement live longer. Again, that’s higher (45%) among benefits-eligible working Americans. Just one-quarter (24%) of Americans believe they will have saved enough for retirement to live to 100. But among benefits-eligible working Americans that percentage is higher (33%). Nearly one-quarter (23%) say they don’t want to live to 100 because they cannot afford to. Millennials tend to be the most uncertain about having enough money for a long retirement because they are unsure of whether their retirement savings will grow enough in the current economic climate.

In fact Millennials’ angst stands out in financial concerns over a long life and extended retirement. Gen Z, Gen X and Boomers were all in the high 40’s answering yes, they can live comfortably in their retirement. Only 29% of Millennials answered yes. Conversely, Boomers were the lowest at 11% that answered no, they could not live comfortably in their retirement. The other three generations were in the mid to low 20’s.

Baby Boomers, more than other generations, mention maintaining good health through food and exercise in the present day as a step to planning to live to 100+. They also say longevity has influenced their retirement the least overall because many already feel adequately prepared. Consumers also say they will or should think about long term care insurance, but most do not currently have it.

Younger generations (Gen Z and Millennials) vs older (Gen x and Boomers) are more likely to agree that planning for long-term care and financial security help people live longer.

The survey participants also identified financial changes that would make them feel more confident if they were to live this long:

•       Potentially working past traditional retirement age to save more for retirement
•       Having a more diverse investment portfolio of additional income streams
•       Investing more money into their current retirement accounts
•       Doing more research into potential healthcare costs and planning accordingly.

In an era of so much upheaval, disruption, and uncertainty, some things remain constant no matter the decade; the human desire to live a good life where your years, health and wealth are all aligned.