A new Longevity Preparedness Index assesses an individual’s readiness for a long life, extending beyond traditional financial retirement planning to include crucial elements like community ties, caregiving arrangements, and a continued sense of purpose.

Holistic Longevity Planning

While financial preparedness is often the primary focus as people age, a truly holistic approach to longevity recognizes the importance of factors often taken for granted. The index, developed by John Hancock and MIT AgeLab, aims to evaluate readiness for the challenges and opportunities of aging.

Unlike typical financial assessments, this index delves into the ‘big and little things’ that can expose vulnerabilities during life transitions like retirement, illness, or loss.

How the Index Works

Key Domains of Assessment

The approximately 15-minute index evaluates responses across eight key domains: relationships with family, friends, and community; health and daily activities; and preparedness for potential future needs. The survey encourages proactive thinking about maintaining independence and engagement.

Questions assess practical aspects of an individual’s environment and support systems, such as neighborhood walkability and the availability of social activities.

Addressing Future Needs

The index also addresses potentially challenging topics, prompting individuals to identify potential caregivers and consider home modifications for accessibility.

Findings and Insights

The average score on the Longevity Preparedness Index is 60 out of 100, indicating a general lack of preparedness among individuals. John Hancock’s CEO, Brooks Tingle, shared that taking the survey was personally insightful, highlighting the importance of considering factors beyond personal interests, like healthcare access and social connections.

The index also reveals the significant financial burden of long-term care, with non-medical caregiving costs averaging a substantial amount annually, creating a ‘dual burden’ of housing and care expenses for many families.

Embracing a Longer Life

Laura Carstensen, director of the Stanford Center on Longevity, emphasizes the need to shift the focus from fearing the downsides of aging – such as dementia or financial insecurity – to embracing the potential opportunities of a longer life. She advocates for proactive planning and community-level initiatives to support healthy aging.

The index isn’t solely about extending lifespan, but about intentionally designing those extended years with purpose. It aims to initiate conversations, foster preparedness, and ultimately, encourage action to create fulfilling lives as we age. The ultimate goal is to inspire individuals to envision a positive future, coupled with supportive social norms and community resources.