Financial Planning for a Long Life in Retirement

The Principle:

People are living longer these days, so how does that factor into your retirement plan? Not only should you consider how to live healthily and happily, but think about how you will financially sustain your lifestyle into yours 90s⁠—or even past 100!

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)


Honest Takes:

The longevity of people is increasing. In a recent interview, 107-year-old Louise Signore claims (with a laugh) the secret to living longer is that she never got married. Thinking back to people you knew who lived until 90, 95, 100…what did their life look like? Maybe they were healthy or maybe they got away with eating bacon everyday for breakfast, but they might have lived longer than you or anybody else expected.

According to Social Security, out of 65-year-olds today, 1 in 7 will make it past age 95. So while you may not know exactly how long you’ll live, it may be worth planning according to those numbers. So does that mean working longer? Or changing your lifestyle? Or saving more now?

What Else:

Also discussed in this episode of Retire With Integrity is a new survey from Northwestern Mutual. It says 66% of people who work with an advisor feel financially secure. So, what is it that an advisor can help with? One big thing that often gets overlooked without an advisor is taxes. Find an advisor who knows how to handle taxes. This is more than just someone who files your taxes, but someone who gives suggestions and helps you prepare for the future.

So are you prepared to live a long life ahead and successful retirement? Are you working with a financial advisor that you trust to get you there? Do you feel confident in your financial plan? 

Listen to the entire episode for more or click on the timestamps below for a particular segment.

[0:15] – Who is the oldest person you know?

[4:47] – Do you have enough money to support your lifestyle until the end?

[5:48] – You don’t know how long you’ll live, but plan for it.

[6:43] – The new retirement is still working, even if part-time.

[7:26] – How many people actually retire at 65?

[8:18] – New survey says 66% of people who work with an advisor feel financially secure. What is it that an advisor can help with?

[9:50] – When making an investment decision, you have to involve taxes.

[12:08] – 92% of people say nothing makes them more confident than having their finances in order.

[14:57] – “An IRA is an I-O-U to the IRS.” You don’t know what tax bracket you will be in later on.


Today’s Truth:

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The Host:

Brian Bowen – Contact