John Hancock, MIT AgeLab Measure Longevity Preparedness in New Tool
John Hancock and MIT AgeLab on Tuesday launched a new tool aimed at assessing longevity.
The assessment tool will build upon John Hancock and MIT AgeLab’s Longevity Preparedness Index, a national benchmark that measured U.S. adults’ retirement readiness. Its aim is to provide “actionable insights” that will improve preparedness based on eight indices: health, finance, care, home, daily activities, community, life transitions, and social connection.
On average, respondents to the survey scored 60 out of 100 in overall preparedness, with indices like care, home, and health among the areas for improvement. Areas like strength in community and social connection were among the highest scored.
“Longevity isn’t just about more years lived; it’s about how well prepared we are to live them. We first launched the Longevity Preparedness Index as a way to start a new conversation around preparedness – beyond the usual focus on health and wealth,” said Brooks Tingle, president and CEO of John Hancock. “Giving people access to their own longevity preparedness scores sparks self-reflection, and ideally action, for a better future. With this new tool, we’re equipping individuals – and financial professionals alike – with useful, personalized insights that can guide better planning, deeper conversations, and more informed decision-making for a longer, healthier, better life.”
Adults who want to understand their personal longevity preparedness will answer a “short series” of questions across the eight areas. Upon completion, they will receive a personalized longevity preparedness score on a scale of zero to 100, with higher marks indicating developed levels of readiness.
“The Longevity Preparedness Index was designed to highlight the many elements that contribute to a life well lived – not just more years, but better years,” said Dr. Joseph Coughlin, founder and director of the MIT AgeLab. “By giving people access to their own longevity preparedness score, we can empower them to understand their strengths and gaps, and to take tangible steps toward greater readiness. Research is most valuable when it drives informed action, and this tool is designed to support that goal.”
John Hancock and MIT AgeLab hope the tool will also help advisors engage in conversations around longevity risk and recognize next steps for clients.
The new tool is available at www.johnhancock.com/readyforbetter.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.