What is Longevity Planning and why is it important now? Compared to our relatives who died only a generation ago, we can expect to experience a “longevity bonus” of 20 to 30 years. That is, we will live a lot longer than most of us plan for.
At 54, I am just starting to feel a bit wiser and more liberated. I don’t want to dread getting older.
Now is the time for us to take the stage and create a new experience by redefining what aging will be like for our generation. It is my passionate belief that, by planning sooner, we can look forward to these extra years and improve our chances of enjoying them.
With more time to experience after we retire, longevity planning can help us focus on making those years great! Too often, both individuals and families leave what happens to chance. There is no other way to state it: Planning by default is a terrible idea.
I have been a practicing Elder Law attorney for twenty years. Sadly, I have to report that our current systems for health care, legal services, financial planning, and social support all operate in separate silos. Even if we have put the parts of our plan in place, no one knows our entire story.
There is a better way: Longevity Planning.
For example, you probably have a Will and, hopefully, a Power of Attorney. But did your lawyer review your finances with your current financial advisor or the person you named to handle these important matters?
Does anyone know how you would like to spend your assets if you require long-term care? If you are fortunate enough to have children living in the area, who will have the time or ability to help you stay in your home? Many people end up in nursing homes simply because their families don’t know what else is available.
Longevity planning helps you to envision a comprehensive picture of how you want your life to unfold. Take charge before a crisis and create your own “longevity plan” with a trusted advisor!
As boomers, we have always lived differently. We redefined an entire generation. Let’s do it again by creating better plans for our final act!