In financial planning, the big question that we’re trying to answer is how to put a client’s resources to work in a way that gives them the best chance to meet their goals—their financial wants and needs—for the rest of their lives.

 

To accomplish this, there are a lot of factors we have to guess at: How much will life cost them? How about inflation? What will happen to investment markets? What will the client want for themselves 20-30 years from now? One of the biggest unknowns, which impacts every other factor, is this: How many years does my client have left to live?

 

Of course, we’ll never know that number. What we can try to determine are the risks that our clients may face the longer they live, and by extension, create an action plan to build them the longest runway of wealth possible, protecting them for the years ahead.

 

Listen in as Stephanie and Kevin lay out the most important of these action steps, including maintaining your physical and mental health and relationships, creating additional sources of income, determining the best time to claim your Social Security, and covering your long-term care expenses.

 

Key Topics:

• “What are the risks that our clients face?” (2:57)
• The four Ls of retirement (6:17)
• Action steps to have enough in retirement (10:52)
• Looking after your health + Addressing the loneliness issue (15:54)
• Getting creative with your income sources (22:56)
• When to claim Social Security (25:18)
• Diversifying your assets by the risks they’re designed to address (28:11)
• Long-term care expenses (31:01)
• “What can I do today that my future self will thank me for?” (32:10)

 

Resources:

• The Harvard Study of Adult Development
• Financial Regret at Older Ages and Longevity Awareness
• Living to 100 life expectancy calculator
• Take Back Retirement Episode 61: Pre-Plan for a Caregiving Needs with Special Guest Mim Senft
• Take Back Retirement Episode 15: What Women Need to Know About Social Security
• Take Back Retirement Episode 60: What Women Need to Know About Annuities
• Take Back Retirement Episode 17: What Women Need to Know About Long-term Care
• Take Back Retirement Episode 14: What Women Need to Know About Caregiving and Elder Law with Cathy Sikorski

 

 

 

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You can find the transcript and more information about this episode at www.takebackretirement.com.