A recent study conducted by researchers at the National Institute on Aging concluded the average American life expectancy today is about eight years longer than it was in 1970. For most people, that’s welcome news. A longer life means more time to spend with loved ones and the possibility of meeting more of their grandchildren and great-grandchildren. If there’s a dark side to living longer, for most people it involves money. The longer we live, the more money we need to have saved up to pay for our expenses. That’s why financial advisers are advocating a shift away from “retirement planning” toward “longevity planning.”
Longevity planning is an umbrella term that includes not just planning for an enjoyable retirement, but also planning to afford expenses seniors should expect to incur sooner or later. Longevity planning is a strategic approach to preparing for one’s golden years. It includes such considerations as:
How legal and medical issues will affect one’s financial plan
How investing can help ensure a retiree has enough money to last until he dies
How a retiree should structure his estate planning so there will be enough money to last well beyond the healthy, fun and active retirement years.
If you were to live into your 90s or 100s, what would you need? You would need physical assistance, mental support, social stimulation and financial soundness. Some experts conclude to live comfortably in your later years, you should save about 70 percent of the amount you had saved for retirement. In your 90s, you will need less money to live comfortably than you needed in your 60s. You probably won’t own a car or desire to travel the world. You’ll want to live simply, but you will want to be comfortable and not have to worry about how you will buy food or keep a roof over your head. That is the essence of longevity planning. Longevity planning is geared toward ensuring you can afford the basic necessities of life. It includes such considerations as senior citizen assisted living in OKC, which is a lifeline in one’s golden years.
The longer you live, the more likely it is you’ll develop a medical condition that requires treatment. Comprehensive health insurance is essential to an effective longevity plan. Medicare coverage is limited and often relegates you to seeing providers who are in it for the money as opposed to helping patients thrive and maximize the quality of their golden years. Speaking of quality of life, making sure you can afford a comfortable place to live and are surrounded by caring caregivers is a huge part of longevity planning. Not all assisted living communities in OKC are high quality. Plan well so you can find one that is.
Fortunately, you do not have to spend a fortune to afford some of the best assisted living communities in OKC. As proof, we encourage you to visit Village at Oakwood. From the moment you walk in, you will realize our facility is special. You’ll be amazed by how reasonably priced it is. Contact us for a tour. We would love to part of your or your loved one’s longevity plan!