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Zeljkosantrac | E+ | Getty ImagesWhen it comes to planning for longevity, experts say it helps to envision your future self. A new aging filter trending on TikTok can help make that a reality. Use an aging filter to overcome retirement inertiaA recent Bankrate survey found not saving for retirement early enough is the number one financial regret. Experts say increasing your retirement savings deferral rate just slightly, say by 1%, can make a big difference over time. watch nowThe TikTok aging filter may serve as inspiration, but only if savers take the necessary follow-up steps, experts say.

Persons: Hal Hershfield, Joseph Coughlin, Coughlin, Hershfield, Carolyn McClanahan Organizations: Massachusetts Institute of Technology, University of California, Planning Partners, CNBC Locations: Los Angeles, Jacksonville , Florida

☆ Longevity is challenging people to reimagine their later years. One age cohort is 'carrying the most stress and burden,' research finds
▼ + stars: | 2023-08-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Increased longevity is challenging people to rethink the traditional three-step life path of education, work and retirement. But one age group — individuals ages 40 to 59 — is more likely to struggle with this concept, according to new research from Transamerica and the Massachusetts Institute of Technology AgeLab. "That cohort based on the study really had the toughest time and was carrying the most stress and burden about managing this concept of longevity in a positive way," said Phil Eckman, president of workplace solutions at Transamerica. Moreover, half of people in midlife are struggling to get by financially, more than other age groups studied. "One of the best ways to deal with stress is to look at that notion of health and well-being and sleep and diet and exercise and the way that can reduce stress," Eckman said.

Persons: Phil Eckman, —, Eckman, servicer Organizations: Massachusetts Institute of Technology, Finance Locations: Transamerica, midlife

Darya Komarova | Moment | Getty Images'The dots need to be connected for consumers'Exposure to our older selves is only part of the process of making decisions for retirement, experts say. While the TikTok filter has recently made it popular to look at our future selves, this type of application has been around since the early 2000s, said Joseph Coughlin, director of the Massachusetts Institute of Technology AgeLab. Once people see an image of their older selves, they tend to feel differently about their future decisions. Successful, lasting behavioral changes typically come with incentives to work toward, such as saving money or exercising, Coughlin said. Pairing the videos with prompts to save more money or invest more toward retirement may be effective, according to UCLA's Hershfield.

Persons: Darya, Joseph Coughlin, Coughlin, UCLA's Hershfield, Hershfield, Victor Ricciardi, Ricciardi, Carolyn McClanahan, Drazen Zigic Organizations: Massachusetts Institute of Technology AgeLab, Ursinus College, Behavioral Finance, Planning Partners, CNBC FA, Istock, Getty Locations: Jacksonville , Florida

☆ 3 ways to rethink old age and retirement, MIT expert says
▼ + stars: | 2023-04-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Americans are living longer — and it's changing the nature of retirement planning. The classic retirement framework aims for seniors to have enough money to fund their lifestyle in old age. While not incorrect, the framework is "incomplete," Joseph Coughlin, director of the Massachusetts Institute of Technology AgeLab, told CNBC. "Longevity planning" is a better way for society to think about old age — especially since the future is "much grayer than it's ever been before," he said. "Leisure is a story we wrote for retirement when it was short," said Coughlin, author of "The Longevity Economy: Unlocking the World's Fastest-Growing, Most Misunderstood Market."

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