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VIDEO AND PODCAST
SERIES
Longevity Planning: Can Your Wealth Support You to Age 100
Plum Pointe Wealth Management President Brian Dunckley discusses the need to plan for a long retirement to ensure that you can meet all of your life and financial objectives through the age of 100 and beyond.
Watch the video or listen to the full audio episode here or on your favorite podcast app.
SECURING YOUR FINANCES FOR A LONG RETIREMENT
Advances in healthcare suggest we may live much longer than previous generations. While this is a positive development, it necessitates a financial plan that can support a potentially longer retirement. Can your current wealth plan support you living to age one hundred—or beyond?
THE RISK OF OUTLIVING YOUR ASSETS
The core concern of planning for a longer retirement is the risk of outliving your retirement savings. This could lead to a significant decline in your quality of life if you can't afford your desired lifestyle, healthcare, or long-term care. The ripple effects can also strain family relationships if you become financially dependent on them.
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Healthcare is changing rapidly, particularly with the rise of personalized medicine or concierge medicine. A comprehensive late-in-life retirement plan allows you to be able to fully explore every option that helps you maintain a healthy body and mind.
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You also want to ensure that you have available resources to enrich your life with hobbies, new life pursuits, and whatever interests you over the years of your extended retirement. These options will remain open to you if you have the appropriate planning in place.
PLANNING FOR A LONG AND FULFILLING RETIREMENT
The good news is that with proper planning, you can enjoy a long and fulfilling retirement. Every financial plan is a living document that needs to be consistently revisited and updated, but you can follow these five steps to start longevity planning.
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Step 1: Visualize Your Retirement
Imagine what your ideal retirement looks like. Consider activities, travel, healthcare needs, and social connections. Think about your desired lifestyle in both the early and later stages of retirement. Dr. Joseph Coughlin of the Massachusetts Institute of Technology AgeLab is a great resource for articles and insights on aging and longevity planning.
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Step 2: Review Your Financial Plan
Dust off your financial plan and assess its suitability for a longer retirement. Factor in inflation, potential healthcare costs, and long-term care needs. Consider if your current plan can support your retirement goals. This step may require taking a comprehensive look at your assets and liabilities, including your current income streams and debts.
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Step 3: Bridge the Gap
Identify any gaps between your desired retirement and your current financial plan. Develop strategies to mitigate risks and close these gaps. For instance, you might consider working a few extra years or delaying claiming Social Security to give your retirement savings more time to grow.
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Step 4: Reposition Your Portfolio
Shift your investment focus from growth to capital preservation and income generation. This will help you maintain purchasing power and generate income throughout your retirement. While growth is still important to account for inflation and healthcare costs, asset classes that provide income streams become more crucial in your retirement years.
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Step 5: Perform a Risk Audit
Regularly assess your plan for potential risks that could derail your goals. This includes long-term care costs and other unforeseen events. Develop strategies to address these risks and protect your retirement security. Long-term care insurance or disability insurance can be potential solutions to mitigate some of these risks.
TAKE ACTION
The most important step is to take action now. The sooner you begin planning for retirement, the more time you have to make adjustments and grow your wealth. Even small changes to your savings strategy early on can have a significant impact over time.
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Start planning today and if you don’t already have a team of advisors, or you want a second opinion, give us a call. Our team at Plum Pointe Wealth Management can help you tailor a plan to your specific needs and risk tolerance, ensuring your retirement savings last as long as you do.
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For more information on how Plum Point Wealth Management can assist you, set up a free consultation today at 401-228-8258 or email us at info@plumpointewealth.com.
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