Do You Have A Longevity Plan?

Longevity is everywhere around us. Advances in medicine, healthcare and living conditions have significantly extended modern life expectancy. Living 30 or more years in retirement will be common as we head into an era where 100 is the new 80. 

Many of my friends’ parents are in or approaching their 90’s. My husband’s godfather is 94 and is as mentally astute as he was in his 70’s. My own paternal grandmother was a centenarian who died at 103, 10 years ago. 

Though not prepared for her longevity, her 3 sons were all able and willing to chip in to make sure her later years safe, comfortable and care-free. Being childless, my husband and I will not have that option. But even if we do, the responsibility of looking after ourselves should remain ours.  

So what can we do to ensure this longevity blessing doesn’t become a burden to our family and loved ones? 

Longevity Plan

What is a longevity plan? It is a pro-active long-term approach to address the different dimensions of life as we grow older. Spending equal or more years in retirement than work life can be sobering and daunting. It brings home the point that living longer means more years of challenges to tackle.

A longevity plan integrates financial, health, lifestyle, social and legal aspects to ensure a fulfilling life while mitigating the issues that come with longevity.

So what should it entail?

Financial Security

The cost of living, healthcare and long-term care increases as we age. Financial security is crucial to ensure these costs are covered so we avoid any financial hardship or outlive our money.

Instead of blindly adopting the 4% withdrawal rule in retirement, it is prudent to have income-generating investments that is inflation-adjusted. For me, that will be investment property. And should the hassle become too much, I will appoint a company to manage the portfolio on my behalf. Real estate crowdfunding is another viable option. At that stage of life, income maximisation is not the goal.

On-going assessment to align with longevity is prudent. Expenditure budget should continuously adapt to healthcare costs, living expenses and potential long-term care needs.

Health Management

Planning for longevity means incorporating a health plan and making lifestyle changes now for healthier years later. Ageing brings about cognitive challenges so a longevity plan that includes strategies for mental, physical stimulation and social interaction will instil sharpness and resilience.

Make use of the power of everyday to strengthen muscle, bone density, cardio, flexibility and balance. The smallest health issue, something as innocuous as hearing loss, should be attended to expeditiously for it can lead to a much bigger problem. 

Regular check-ups for screenings and preventive care should become a priority. A balanced diet, quality sleep and stress management will contribute to a healthier you.

Long-term Care Planning

Without a plan, the responsibility of care might fall on family members, adding to their stress and financial strain, not what we want. A core part of longevity planning is to address professional care, long-term care insurance and assignment of critical decision-making should there be impairment to our mental capacity.

When the time comes, who should step in to take care of you? Will this be a person, an organisation…or a robot? It makes sense to keep tap of  healthcare developments in order to make the most appropriate and updated decisions.

Use legal instruments like wills, healthcare proxies and advance directives to ensure our wishes are respected. Incorporating these into the longevity plan means dear ones are not left making difficult decisions without guidance, and avoid legal disputes.

Living Arrangement

Where we live is inextricably tied to the quality of life. Our forever home may not be where we end up eventually. Newer (better) options such as retirement communities, serviced home for elderly and co-housing are gaining acceptance and will become increasingly affordable.

Many of us live a multi-faceted life, having worked or studied abroad or have a foreign spouse – so why should home be restricted to 1 place? Instead of being tied down to a big house in 1 location, I’d rather maximise my lifestyle with smaller spaces in more places. 

Living in more locations provides first-hand insight for planning living arrangement in the golden years that caters to your needs and desires. Accessibility and cost of medical care, transportation, standard of living, affordability…these are all important considerations.

Estate Planning

Legal instruments like will and trust ensure the distribution of assets according to your wishes. Make use of these so the transfer of wealth is smooth and clear instead of being drawn-out or embroiled in legal tussles for your beneficiaries and loved ones.

Start with a Schedule of Assets if the idea of drafting a will seems overwhelming. Structuring life is indeed daunting but from personal experience, writing my will has given better clarity about my life. 

And no modern-day estate planning is complete without addressing digital legacy. Social media and online presence have become so much a part of  our lives, so it should be dealt with for completeness. You can get some guidance here.

Social and Emotional Well-being

Loneliness and social isolation are very real concerns as we grow older, especially as technology makes us more insular.  A longevity plan that includes social engagement that encourages meaningful relationships and community ties goes a long way in addressing emotional well-being.

Pursuing new hobbies, learning new skills, taking classes all contribute to keeping our mind sharp and adds to a sense of purpose, which is associated with longevity and reduction in cognitive impairments like dementia. 

Personal Fulfilment

A longevity plan ensures that our later years are not just about surviving but that we thrive. To have the ability to enjoy activities, experiences and relationships that bring joy and fulfilment. A well thought-out longevity plan incorporates opportunities for personal fulfilment, contributing to overall life satisfaction and makes our sunset years a visual poetry.

A longevity plan can significantly reduce anxiety about the future, freeing us to live more fully in the present. We can then approach ageing with confidence, knowing we’re prepared for the challenges and options ahead.

Longevity planning isn’t static; it evolves just as we and our surrounding do. It’s not just about living longer; it’s about living better. 

 

To better years ahead,

Savvy Maverick

(Main image: Dawid Zawiła, Unsplash)

 

Disclaimer: The views expressed here are drawn from personal experiences and do not constitute financial advice in any way. Nothing published here nor should any data or content be relied upon for investment activities. Please do your own due diligence before making any financial decisions. Data and information cited from sources will not be updated after publication.