Beyond Retirement: Why Longevity Planning Is Your Most Powerful Financial Tool
In a world where retirement can last 25+ years, traditional retirement planning just isn't enough anymore. If you or your family members are in or nearing retirement, they need something more comprehensive: longevity planning.
What Is Longevity Planning?
Longevity planning goes far beyond traditional retirement planning. While retirement planning typically focuses on accumulating enough assets to stop working, longevity planning addresses the full spectrum of what you'll need for a fulfilling life that could last well into your 90s or beyond.
Think of retirement as just the beginning of a new adventure rather than a finish line. Longevity planning helps you navigate this decades-long journey with confidence, addressing not just your financial needs but your health, housing, purpose, and legacy as well.
Here’s Why Longevity Planning Matters Now More Than Ever
- By 2040, 22% of the U.S. population will be 65 or older²
- A 65-year-old today can expect to live an additional 17-20 years on average³
- 80% of older adults are living with at least one chronic disease⁴
- Women tend to outlive men, with nearly 30% of women over 65 being widowed compared to just 11% of men⁵
We're living longer, but those extra years come with unique challenges that require thoughtful planning.
If you’re considering longevity planning for yourself, for your parents, or for other family members, here are some of the ways that a financial advisor who is also a CERTIFIED FINANCIAL PLANNER® Professional can help.
Health and Care Planning
The reality is that 80% of older adults live with at least one chronic disease, and 77% have at least two.⁴ A CFP® professional who specializes in longevity planning addresses these challenges by:
- Helping navigate Medicare options
- Planning for potential long-term care needs
- Connecting you with resources like care management services
- Preparing financially for health-related expenses
Housing and Lifestyle Considerations
Where and how you'll live is a crucial component of longevity planning. Your options might include:
- Aging in place with home modifications and support services
- 55+ independent living communities
- Continuing care retirement communities
- Assisted living facilities (national average monthly cost: $4,500)⁷
- Skilled nursing facilities when needed (national average monthly cost: $7,650 - $8,700)⁷
A longevity planning advisor helps you think through these options before you need them, ensuring you maintain control over your living situation.
Purpose and Community
Research from blue zones—areas with an unusually high number of centenarians—shows that longevity is deeply tied to a sense of belonging and community.⁸ Longevity planning helps you:
- Cultivate meaningful connections
- Explore encore careers or volunteering opportunities
- Develop new skills and interests
- Find your "ikigai"—your reason for being¹
Legacy Planning
Longevity planning isn't just about you—it's about the impact you'll have on future generations. This includes:
- Estate planning
- Charitable giving strategies
- Creating and sharing your life story
- Organizing important information for loved ones
Why Work With a CERTIFIED FINANCIAL PLANNER® Professional
When it comes to longevity planning, here’s why working with a CERTIFIED FINANCIAL PLANNER® Professional (CFP®) makes a difference:
1. **Comprehensive Approach**: CFP® professionals are trained to look at your entire financial picture, not just investments.
2. **Fiduciary Responsibility**: They're legally obligated to put your interests first.
3. **Specialized Knowledge**: They understand the complex interplay between retirement income, healthcare costs, tax strategies, and estate planning.
4. **Ongoing Support**: Longevity planning isn't a one-time event but an evolving process that requires regular adjustments.
5. **Access to Resources**: Many CFP® professionals have networks of specialists in areas like healthcare, elder law, and real estate.
Taking the First Step
Longevity planning isn't just for the wealthy—it's for anyone who wants to make the most of their retirement years. The earlier you start, the more options you'll have.
Begin by asking yourself:
- What do I want my life to look like at 70? 80? 90?
- What health challenges might I face, and how will I address them?
- Where do I want to live as I age?
- What gives my life meaning and purpose?
- What legacy do I want to leave?
Ready to Create Your Longevity Plan?
At Primary Financial Advisors, we are CERTIFIED FINANCIAL PLANNER® Professionals who specialize in helping clients create comprehensive longevity plans that address all aspects of retirement life. We understand that your retirement isn't just about numbers—it's about living the life you've worked so hard to achieve.
Take the first step toward a more confident and fulfilling future by scheduling a no-commitment, 15-minute consultation with our President and Founder, Brian Sullivan. Because retirement isn't the end of your story—it's just the beginning of a new chapter.
Call us at (978) 451-6922 or fill out our contact form to get started on your longevity planning journey today.
Sources:
¹ Raymond James, "Thriving through retirement," Resources for a long and lively retirement, 2023.
² Administration for Community Living, "2021 Profile of Older Americans," November 2022.
³ Administration for Community Living, "2021 Profile of Older Americans," November 2022.
⁴ Administration on Aging, "Aging Statistics," www.agingstats.gov.
⁵ Administration for Community Living, "2021 Profile of Older Americans," November 2022.
⁶ Raymond James, "The hidden costs of aging," 2023.
⁷ Genworth Cost of Care 2021 Survey.
⁸ Dan Buettner and National Geographic Society, Blue Zones research.
⁹ Raymond James, "The hidden costs of aging," 2023.
Any opinions are those of Primary Financial Advisors and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP® and CERTIFIED FINANCIAL PLANNER® in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
