So many of us are likely to live twenty to thirty years in retirement. What is the secret to making our money last and enjoying every minute of our newfound longevity?
Seasoned financial reporter MP Dunleavey dove into the topic of financial planning for longevity in the October cover story for Kiplinger Retirement Report.
She interviewed retirement and longevity experts like Gal Wettstein at the Center for Retirement Research at Boston College, Surya Kolluri at the TIAA Institute, and myself.
When I started out as a Certified Financial Planner years ago, we planned for clients living to age 90 in the retirement planning scenarios we prepared for them. And you wouldn’t believe how many clients objected, saying they were ‘never going to live that long.’
Now, many clients have parents alive who are still leading active lives in their 90s. A few have even reached their 100th birthday! So it’s no surprise that we now plan for clients living to 95 or 100. While most clients still protest that they are not going to live that long, they understand why it’s important to make sure their money will last in the event they do.
MP’s Kiplinger article has some great advice for everyone hoping to live a long, healthy, and active life. We’ve shared many of the questions and concerns that clients have, like how they can plan to age in place, how to configure their investments, and how to get the most mileage out of Social Security and other retirement accounts.
You can read the full Kiplinger article here.