Description: The prospects of longer retirement durations driven by the continued improvement in mortality, changes in social insurance “normal” retirement ages, and/or socio-economic factors, have made several decisions about retirement more important.

Description: The age 85+ population will continue to grow as a percentage of the population and this is the age where people need the most help. The Society of Actuaries has conducted a series of three studies to help understand the real situation of middle-class Americans and Canadians age 85 and over. The three studies are in-depth interviews with individuals and their children, a telephone survey of individuals and an online survey of children familiar with the situation of parents age 85 and over. In addition, the SOA has conducted an online discussion on cognitive decline, and two discussions among experts. A consolidated SOA report brings all of this work together. The presenters also have some personal experience. In this panel, the presenters will share insights into how people do at ages 85 and how things change over the period of retirement. Actual experiences do not always fit what experts predict. The findings include understanding the finances and needs of retirees, the kind of help needed and what the age over 85 population receive from family, professional caregivers, and advisors. It will also focus on needs for support, the challenges faced by those aging alone and decisions around housing. It will also include some discussion of intergenerational relationships and the impact of caregiving.