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You Are Preparing for a 100 Year Lifestyle – Is Your Financial Planner?

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If you are reading this article, you are either already committed to the 100 Year Lifestyle or strongly considering doing so. You also likely learned about the 100 Year Lifestyle through Dr. Plasker directly or your current Chiropractor who is a member of his network. Great work! You are well on your way. How about the other members of your team? Your physician, nutritionist, health and wellness coach, and your financial planner. Yes, your financial planner.

The Numbers

It is becoming increasingly important to plan for a long and healthy life. Most people are underestimating their lifespan by 20 to 30 years. When I first started as a financial planner over 30 years ago, I was taught that most people would likely need to plan to live a bit past the U.S. Life Expectancy. Thirty years ago, that number was 75. Today it is 791.

Here is the truth: For a non-smoking married couple aged 65, 50% probability of death is age 98. That means there is at least a 50% chance that one of them will be alive. The 85% probability of death is age 103. That means there is a 15% chance that one of them will be alive. Lastly, the 95% probability is age 106, which means there is a 5% chance that one of them will be alive2.  What are you planning for? The 50% solution? Or something higher?

Success Defined

I was also taught that I would be considered successful if I were able to get my clients to retire at age 65. I would be even more successful if I could move that number lower. The problem is that some people may not want to retire. They may enjoy what they do and at a minimum stay fully engaged in life. If they do not have a clear plan of how staying engaged is going to happen after they leave work (we might also call this one’s purpose or calling), then they have no business retiring. I would consider a financial planner that doesn’t discuss this to be negligent.  Engagement is one of the many secrets of successful centenarians.

Sadly, what I was taught over 30 years ago is still VERY prevalent in the thinking of current day financial planners.

Your Financial Planner

If you are someone who hopes to live to 100 or beyond, it is crucial that your financial planner shares this belief. Here are a few reasons why.

First and foremost, if your financial planner does not believe that you will live to 100, they may not plan for a long enough retirement period. This could leave you without enough money to support yourself in your later years. This could lead to financial struggles and potentially even running out of money before you run out of life. By ensuring that your planner believes in the possibility of a long life, you can work together to create a retirement plan that will support you for as long as you need.

The flip side is that a planner that believes you will die a decade or two after retirement may encourage you to retire before you really want to. This is fraught with several problems including early disengagement, early decline, and premature death.

Investments, Strategies, and Security

A planner who believes in the potential for a long life is more likely to recommend investments that will grow and compound over time. They may also encourage you to save more aggressively than you might otherwise, knowing that you will need a larger nest egg to last through a longer life.

Another benefit of working with a planner who believes in the possibility of a 100-year life is that they will be more likely to recommend strategies for staying healthy and active as you age. This could include investing in preventative healthcare measures, such as regular checkups and screenings, as well as lifestyle changes like adopting a healthy diet and exercise routine.

Finally, having a financial planner who believes in the possibility of a long life can provide peace of mind and a sense of security as you age. Knowing that you have a plan in place to support you throughout your 100 Year Lifestyle can help you feel more confident and prepared for whatever the future may bring. They are also likely to build their financial planning practice and their succession plan in support of these concepts.

Ideal

The ideal financial planner and practice would augment traditional wealth management and financial planning with behavioral and life coaching. They would also walk their talk, demonstrating through actions, not just words, that they too are committed to a 100 Year Lifestyle.

If your plan is to live to 100 or beyond, it is important to work with a financial planner who shares this belief. By doing so, you can create a financial plan that will support you for as long as you need and feel confident and prepared as you live your amazing 100 year life!

In Wellness,
Brad Berger
Founder and CEO – Ideal Life 360, LLC
Financial Planning Practitioner, Holistic Life Planner, and Certified Master Integrative Life Coach
Please visit www.IdealLife360.com for more info.

1 U.S. Life Expectancy 1950-2023. www.macrotrends.net. Retrieved 2023-05-18.
2 Vital Longevity Institute

The post You Are Preparing for a 100 Year Lifestyle – Is Your Financial Planner? appeared first on The 100 Year Lifestyle.

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