Living to 100 and Beyond: What It Means for Your Finances

Not long ago, living to 100 was rare. Today, it's becoming more common—and something we should all plan for. Advances in healthcare, nutrition, and technology mean many of us could live decades longer than past generations. That’s exciting, but it also raises a big question: Will your money last as long as you do?

The Financial Reality of a Longer Life

A longer life is a gift, but it comes with financial challenges. You may need to stretch your retirement savings for 30+ years instead of 20. Healthcare costs, inflation, and unexpected expenses can add up. Without a plan, outliving your money is a real risk.

Here’s how to prepare for a long and financially secure future:

1. Rethink Your Retirement Timeline: The traditional idea of retiring at 65 might not make sense anymore. If you live to 100, that’s 35 years without a paycheck. Some people are choosing to work longer—whether full-time, part-time, or in a consulting role—to keep income flowing and stay engaged.
2. Plan for Rising Healthcare Costs: Medical expenses tend to increase as we age, and long-term care can be a major cost. Medicare helps, but it doesn’t cover everything. Consider options like long-term care insurance or a health savings account (HSA) to help manage future costs.
3. Make Your Money Last: A longer retirement means a different approach to saving and investing. You’ll want a strategy that balances growth with stability—so your money keeps working for you but is also protected from big losses.
   Some key things to think about:

1. • Sustainable withdrawals: Taking too much too soon could drain your savings. A financial plan can help determine the right withdrawal rate.
   • Inflation protection: The cost of living will rise over time. Investments that grow with inflation can help maintain your purchasing power.
   • Guaranteed income sources: Pensions, annuities, and Social Security can provide a steady income stream no matter how long you live.

4. Don’t Forget Your Legacy: Living longer also gives you more time to think about your legacy. Whether it’s leaving money to family, supporting a cause, or passing down wisdom, estate planning ensures your wishes are carried out the way you want.

A Plan for the Future Starts Now

A longer life can be a great thing—if you’re financially prepared for it. The key is to start planning early and adjust as life changes. Whether you’re nearing retirement or still years away, having a strategy in place can give you confidence about the road ahead.

Not sure if your plan is built to last 100+ years? Let’s talk about ways to help make your money go the distance.