We plan for all of our clients to live to at least the age of 100. The plan for this is simple to explain.
To live *well* into your 90s and beyond, you need 5 key plans:
- Budget plan
- Fun plan
- Inflation plan
- Long-term care plan
- “Unknowns” plan
Planning to live to 100 is simple, but not easy.
It will take a lot of money, a lot of support, or perhaps both.
From a financial planning standpoint, planning to live to 100 is not much different than planning to live to age 85.
At Corner Post Financial Planning, we test your budget against how much income and savings we expect you to have when you stop working. We recommend guardrails to make sure you don’t spend too much, too fast.
We talk to you about the things you want to do when you retire and encourage you to do those early in retirement.
We assume the basic cost of living will increase by 3 percent each year and educate you on the importance of having money in cash for when “life happens.”
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
To live into your 90s, you must work carefully with your financial planner to make sure that you plan for costs to go up while keeping your nest egg growing. As part of that process, you must plan for circumstances like your income going down if your spouse or partner dies and you lose their Social Security or pension, or if your pension doesn’t promise a cost-of-living bump.
On a personal note, I'm right there with you! Anything can happen but my grandmother and great-grandmother lived into their very late 90s, and my mom is going strong (with very little gray hair) in her mid-70s.
A 30-year retirement sounds intimidating, but it offers delightful possibilities!
Industry-speak for living a long time is “longevity risk.” We just like to call it “living a long time,” and are happy to talk with you about a plan for a great–and possibly lengthy!–retirement.