Longevity Planning

view of Skyway Bridge from shoreline

To live well in retirement, you have to embrace change.

As we get older, our circumstances continue to change, sometimes rapidly. What doesn’t change is the need to feel independent, to have social connections that enrich our lives and to be able to do the activities that bring us joy. Financial planning that can meaningfully address these quality of life issues can make all the difference.

We can help you sort through the possibilities and offer financial advice designed to guide you up to and through the retirement you’ve envisioned.

  • The right place for you

    Even in retirement, housing remains the largest spending category. Where we choose to call home is an important decision, and one that deserves serious thought. Most retirees want to age in place. In a recent AARP survey, 89% of those 50 and older said they want to continue living in their homes indefinitely. However, there are a number of other options in retirement, and it’s best to think about the issue before it becomes an immediate need.

    Points to consider:

    • Do you want to stay in your home? Will it need to be modified?
    • What housing options are available to you, and what will they cost?
    • Would you want to downsize? Relocate to a pedestrian-friendly neighborhood?
  • Safeguard your well-being

    Your finances and your health are intertwined in complex ways. And as you age, health issues and their associated costs tend to add up. Consider that the average couple at age 65 can expect healthcare costs of $266,000 over a 20-year retirement – and that number doesn’t include any chronic conditions or health emergencies, according to the Employee Benefit Research Institute. An important part of financial planning is to help ensure that healthcare costs don’t become a drain on your quality of life.

    Points to consider:

    • What will the treatment of existing medical conditions cost over the long term?
    • Do you know what costs Medicare will cover?
    • Should you consider long-term care insurance?
  • Addressing the need for TLC

    It’s a sobering statistic: 70% of Americans age 65 (in 2014) will need some kind of long-term care during their lives, according to the Department of Health and Human Services. At some point, you may be providing care or receiving care, so this must be taken into account in long-term financial planning.

    Points to consider:

    • Do you understand the full impact of being a caregiver?
    • How will you get the care you need as you age?
    • Is long-term care insurance a good idea for you?
  • Go where you want to

    It may come as a surprise, but transportation is the second largest expense for individuals older than 65 and accounts for about 15% of their annual expenditures, according to the Bureau of Labor Statistics. That’s why we make sure to account for it as part of your long-term financial plan.

    Points to consider:

    • How will you get to your favorite places in retirement?
    • Who will assist you if you can’t drive yourself somewhere?
    • What transportation options are available in your area?