In an age of unprecedented longevity, a focus on lifelong individual financial security has never been more crucial. The mission of the Financial Security Division is to bring a unique interdisciplinary perspective to financial security issues facing our society by rethinking the perceived problems around an aging population, especially retirement planning and the need to work longer. By understanding the role that research, education and policy can play in solving these issues and by looking at the problems from multiple perspectives, we will drive the dialogue forward in order to facilitate a healthier state of long-term financial security for the individual and society.
Jialu Streeter, PhD
Steve Vernon, FSA
New Map of Life
Financial Security: Matteo Leombroni, PhD, Fellow | Gopi Shah Goda, PhD, Faculty Advisor
Work: Alice Milivinti, PhD, Fellow | David Rehkopf, PhD, Faculty Advisor
Thinking Ahead: Informing the Design of a Roadmap for Keeping Your Money Safe as You Age
Preparing for changes in financial decision-making capacity is essential for a secure retirement. Unfortunately, the majority of Americans are underprepared for periods of diminished decision-making capacity as they age.
To inform how we might encourage older adults to plan for the future, a multi-disciplinary team of researchers worked together to understand the barriers to and facilitators of advance financial care planning. This research will inform the development of a toolkit and website that will be ready in the first half of 2021. These resources will be very useful for individuals, financial planners, financial institutions, and non-profit and community groups that serve seniors and their families.
The research team – Naomi Karp and Steve Vernon, Consulting Research Scholars at the Stanford Center on Longevity, and Dr. Marti DeLiema, Assistant Professor at the University of Minnesota—recently published their research findings on the website of the Society of Actuaries.
COVID-19 Will Affect the Careers of Today's Youth