Planning For A Longer Life

For those about to retire soon, with longer life expectancies today, it is not unreasonable that retirement will extend several decades.

This is why it's even more important not only to plan for retirement but also for a potentially much longer retirement. Think about what this might mean in terms of all of the ways the life your life might change and all of the possible future events that could happen.

On top of the additional financial requirements, a longer retirement has personal implications to consider. The knowledgeable and experienced team at Hardson Becker Global will go through the possibilities with you, and offer financial advice designed to take care of you all through the retirement that you’ve always anticipated.

Some of the critical retirement questions to consider:


Where will you live?

Whether you’re moving to your dream home or staying where you are, somewhere to live will be one of the most significant expenses during retirement. While gracefully aging in the comfort of your own home may be ideal, alterations to the property could be needed if mobility or transportation challenges arise.

Issues to consider:

  1. Is your current home where you want to retire? Will alterations be needed?
  2. What other housing options are available, and what do they cost?
  3. Would you want to downsize or move location to be closer to family or friends?

How do you plan to get around?

Mobility means independence, and being retired presents opportunities to travel where you want at the time you want to go. That may help explain why transport is the second-biggest expenditure for people over 65 and costs around 15% of all annual expenses. That’s why we need to consider transportation as one part of an overall long-term financial plan.

Issues to consider:

  1. How will you get where you want to go?
  2. What will you do if you can no longer drive yourself?
  3. What other options are available for getting around?

How will you afford to maintain your health?

Your health and your financial well-being are interconnected in many ways, and medical insurance tends to increase with age. As you get older, healthcare costs can add up.

Issues to consider:

  1. Do you have pre-existing conditions? What are the costs of long-term treatment?
  2. Will your existing insurance cover this?
  3. To you have the cash to pay medical expenses that are not covered by insurance?

Protecting your legacy

As you make plans for a comfortable retirement, it’s important to think even further ahead. Think about what kind of legacy you would like to leave. How are you working towards transferring your assets and information to benefit your family long into the future?

Issues to consider:

  1. Have you really given your legacy serious thought?
  2. Who will be able to retrieve your key documents and other information when the time arrives?
  3. How will you protect your assets and beneficiaries from financial mismanagement?

Who’s going to take care of you?

As we all live longer, chances are you may, at some time, be called on to become the carer for a loved one or need care for yourself. Assuming the role of a caregiver can be stressful but also has financial consequences if it means not being able to continue working a day job. Moreover, these expenses may not be covered by medical insurance.

Issues to consider:

  1. Do you appreciate all the consequences of becoming a caregiver?
  2. Where will you turn if you need care?
  3. Have you considered taking out long-term care insurance?

Is your money enough?

Saving or accumulating assets to finance retirement does not happen overnight. Allowing yourself the time and opportunity to prepare for a long, fulfilling retirement takes careful planning.

Issues to consider:

  1. How long is it until you intend to retire?
  2. How will you generate income when retired?
  3. How much money will you need to fund your retirement?

Modern retirement planning takes extra planning and preparation. Hardson Becker Global is here to help.