Longevity Coaching® = Optimal Medical and Disease Management + Financial Planning + Diet not Dieting + Supplements and Hormones + Exercise + Dis-Stress Reduction + Spirituality

Financial Planning

At first, it may seem that Financial Planning is an odd topic to incorporate into Longevity Coaching. But quickly it starts to make sense. If you run out of money at 90, it is unlikely you will live to 100. For most baby boomers (born 1946-1964), retirement is right around the corner, or even right here now, as long as your investments don’t “tank” again.

What does it mean to retire? Will you stop earning income completely and have to live off your savings? Or will you have an ongoing income stream that will minimize you dipping into your savings to provide the essentials? Will you need to sell your house? Will someone buy it? How about a reverse mortgage?

Actuarial life tables show a steady but progressive increase in life expectancy for the past century. One of the articles I reference has the astounding information that we are likely living at least 10 years longer than the previous generation, with less debility at the end of life.

Very smart people like Ray Kurzweil speculate that we may “Live Long Enough to Live Forever”. My crystal ball gets hazy when I start to look out 10 or especially 20 years into the future, never mind 40. Yet if you are doing what you know you should be doing to keep healthy, 100 years of age is not that big a stretch. What will the last 10 years of your life look like?

“Old age is no place for sissies” - Bette Davis.

The biggest single impediment to a financially secure life is poor health. If you are unhealthy, you will have difficulty earning money. If you are unhealthy, you will be spending more money on your health. As a 92 year old woman admitted to me recently, she hoped that she wouldn’t live more than 3 more years, because, by then, she will have run out of money and she wasn’t sure what she would do next! She was worried they would throw her out of the “Home for the Aging” that she lived in and couldn’t imagine being 95 years old and “living on the street”.

How much money should you put away to allow you to retire at 65 and live another 35 years? What will inflation be in 2018, 2028, 2043? What will be the buying power of a dollar/euro/yen/peso? Your answer is intensely personal, but it is a subject, like disability insurance, estate planning or long-term care insurance that you need to think about and plan for.

How much do you really need to live on? What percentage of your income are you saving? How much debt do you currently have? What is your FICO score? Do you have a financial planner who is helping you with this essential part of your longevity strategy? And is their advice or your personal thinking coordinated with your personal health and longevity risk assessment?

 

 

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