Brenda Lyle – Florida Today
Q: What is “Longevity Planning?”
A: Plan to live longer, because chances are –you will. Former U.S. president, Jimmy Carter, just celebrated his 99th birthday! According to Social Security data, today’s 45-year-olds have a 12 percent chance of living to 100. And with increasing life expectancies, it’s becoming increasingly important to plan for sustained financial stability throughout an extended lifetime.
One of the keys to good financial planning is managing expenses and budgeting effectively. That means tracking expenses and creating a budget to help prioritize spending. Identify areas where you can save, to ensure you’re living within your means. This can also help in building an emergency fund to cope with unexpected expenses or financial setbacks.
The best retirement planning starts in young adulthood, when workers can capitalize on the element of time. Young investors can be more risk tolerant, resulting in higher returns in the early going. Financial advisors point out that Social Security was never meant to be the sole source of income in later years.
What to Include
A comprehensive retirement plan for older adults involves estimating the amount of money needed to sustain a desired lifestyle. Consider healthcare expenses, inflation, and other sources of income. It’s also wise to plan now for the potential costs of long-term care. Don’t wait for a crisis to figure out how to pay for in-home care or assisted living.
And don’t forget about estate planning. This involves creating a will or trusts, and designating beneficiaries to ensure that assets are distributed according to your wishes after your death. In addition to providing security for loved ones, estate planning can help minimize tax burdens and create a path for Medicaid.
Update and Adjust
Don’t get too comfortable. Life happens — and when it does, it’s essential to review, adapt and update your plans. With different circumstances, you may want to tweak to your investments, reassess retirement goals, update insurance coverage and review your estate plan.
Your own health and wellness is crucial to a long and fulfilling life. Not only will it help reduce medical expenses –but it will improve your overall quality of life! Maintain a healthy lifestyle, stay active, and get your checkups. And no one said you HAVE to stop working. If fulfilling work is part of your healthy lifestyle– keep on working!
For a comfortable and worry-free retirement, plan for a long life. Not sure how to get started? Attend one of several monthly planning seminars at One Senior Place or call us at 321-751-6771.
One Senior Place is a marketplace for resources and provider of information, advice, care and on-site services for seniors and their families. Questions for this column are answered by professionals in nursing, social work, care management and in-home care. Send questions to AskOSP@OneSeniorPlace.com, call 321-751-6771 or visit One Senior Place, The Experts in Aging.
Brenda Lyle is a Certified Care Manager and Certified Dementia Practitioner with One Senior Place, Greater Orlando.