We are living at a progressive and prosperous time in history. Significant economic, technological, and medical advancements have been made, and it's only getting better. So it goes without saying that living a long, robust, and healthy life is not a big issue anymore as is figuring out all the moving pieces.
Longevity Planning?
With living a long life comes the extra need for a holistic and comprehensive inclusion of societal, individual, family, and even financial perspectives.
Am I ready to retire? Do I have enough to retire in the manner I want? How do I envision my life post-retirement? These are some of the questions that will help us to make informed decisions.
This is where longevity planning comes in, which plans the quality of life by combining financial techniques with life planning. When thinking about longevity, it is important to think big, long-term, and think outside the box.
When all is said and done, money is the beginning. And if the money is there, then what have you to think about?
Housing, healthcare, medical strategies, risk management, transportation services, traveling, and recreation, among others. The questions to ask are, besides not outliving my money, how can I ensure I live a meaningful life?
It is important to annually review your wealth transfer and personal wishes. Your friends or desired beneficiaries may not still be alive while you are.
How do I plan?
Researching and planning for the lesser-known challenges in longevity is important in painting a comprehensive picture of financial planning. Living a long life depends on how we withstand any number of financial and other shocks.
Financial tools, such as calculating life expectancy will help in creating a plan.
How do I want to spend my time?
It could be traveling and seeing the world or settling down and enjoying family time. Whatever it is, a game plan can be put together. Seeking out assistance on financial planning by Envision wealth planning is a sure way to ensure pleasant surprises. You will want to do a lot on your projected active years, and all that will need to be accounted for.
How will I take care of my health?
One of the most daunting expenditures one can face in later years is needing Expanded Care or Long-term Care (L.T.C.). A solid medical strategy that will ensure all risks are managed will be needed. Sustaining life will become more expensive, and you need to be ready for any case scenario.
Where will I stay?
Taking care of your housing situation is another important aspect of longevity planning. On your projected active years, you will be able to manage on your own. But later on, when you will be relying on others to deliver your care, a significant dent in finances will be incurred.
How will I get around?
Transportation is another area of major expense as the needs for an elderly person may stretch out on a long-term basis. They may be reliant on others, especially if there are some health-related concerns. Planning for these costs is only possible with a personalized estimate that accounts for health, location, and inflation. In a rising economy, the cost of living is a topic of concern that should not be ignored.
The Takeaway
Planning for longevity is vital if you're going to live a purposeful life. Growth in the one hundred plus age group is a result of a combination of various factors. Each has its own impact on the quality of life. According to the C.D.C. study, the numbers have increased by 44% since 2000.
So, the topic of financial planning is not to be left to chance.