Planning for Longevity, Not Just Retirement

Planning for Longevity, Not Just Retirement


Today, people want to learn how to manage their longevity, not just retirement. It’s vital to have  conversations that link money with purpose, rather than just ways of saving, spending, or moving money.

As a wealth manager, I recommend you begin the planning process with a conversation on what’s coming up in your next stage of life. Next stages of life may include planning for needs that encompass care-giving and support, aging parents, transitioning to purposeful income, or planning for items you or a family member may need as they age, such as home modification and in-home care. This includes addressing the cost of health, care-giving, and long-term care insurance.

When planning, it’s important to address how much healthcare expenses could be in older age. Using averages, information you provide, and research from insurance companies, professionals can begin to understand the average costs of certain common conditions, such as diabetes and cardiovascular disease. These conditions can have significant costs beyond what public and private insurance pays for. Health is the third largest cost households will pay in retirement; the first two are housing and transportation.

Retirement planning has changed from planning for a number to planning for longevity management—seeking answers to questions such as "What is the impact going to be not just on my income stream, but the loved ones around me? What could the impact be on me if I find myself alone?”

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About Greg Hammond, CFP®, CPA

Greg Hammond is the chief executive officer of Hammond Iles Wealth Advisors, and co-founder of Planned Giving Strategies®. Greg leads a team of professional financial advisors providing customized wealth management and investment solutions for high-net-worth individuals, families, companies, and charitable organizations across the U.S.