The Gift of Longevity
What is a Ripe Old Age?
80, 90, 100+!
Recently I was sitting across the table from my aunt in small town Maywood, Nebraska discussing my grandmother's health
At age 93 she is still living in her home and enjoying a relatively independent life with a bit of day to day in-home care assistance. Her mind is as sound and sharp as ever. She fills the days reading novels, chatting with friends and family online, an occasional outing around town, and playing cards with anyone who enjoys a side of gossip with their shuffle and deal.
In the course of our discussion it was brought to my attention that my grandmother had two great aunts who lived to be 105 and 107 years old.
Combining this bit of news, along with the fact that three out of four of my grandparents lived more than 90 years, set my mind spinning. Until that moment it hadn’t really hit me that, as a descendant from the same line of long living woman, chances are pretty good that I may make it well into my 90s and possibly even cross over the ominous 100 year mark.
As a professional in the retirement planning field my day today life is filled with educating and assisting hard-working Americans to understand and utilize their company sponsored 401(k) or other retirement programs. Day-in and day-out professionals like myself talk about retirement savings, but rarely do I come across such a perfect example of why saving today is so important.
With today's technology, continued advancements in healthcare, and modern nutrition education there is a very good chance that many Americans will have 30 or even 40+ years of living after "retirement".
As I interact with employees there are a few common trends that I see across all vocations and industries:
Many of us do not start making a consistent "Livable Wage" until our mid to late 20s. Even then, some are paying off college debt and not able to actively start saving until later.
We all want to retire "early"... generally defined as before Age 60
In retirement we wish to live as extravagantly, if not more so, than we do while working.
Our standard education system provides very little in the way of sound financial planning or money management training
Like so many things in life, understanding the goal or destination is the first step to making a dream your reality. Small strategic steps today, and everyday moving forward, is a recipe for a successful and fulfilling retirement. A good rule to live by - If you don't personally have the expertise to do something, reach out to someone who does. When you have a toothache, do you get out the pliers and try to pull your own tooth or do you go to a Dentist. Retirement planning is much the same; find a specialist to help you access the best tools and strategy for your personalized objectives.
* Set your Goals.
* Understand your Options
* Consistently follow a Plan
Your future awaits
“It is better to experience hardship in your youth than poverty in old age”