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Financial Planning and Longevity

March 02, 2023

My great Aunt June recently passed away at 102 years of age. She was an incredible person and lived life to the fullest. June was born in New York City, graduated from University of North Carolina (80 years ago) and was a very well known doctor of psychology working with geriatric patients.  


Living on the upper east side of Manhattan was an expensive endeavor, but this is what she wanted. June was a fixture in her building and the surrounding neighborhood. Her many friends looked out for her. 


Financially, thanks to some creative planning and a family loan against her apartment she was able to live the lifestyle she desired in the later years of her life. Honoring her wishes required planning. “Hoping things work out” is not a plan. 

What Lessons Can We Take From This? 

1. Create a comprehensive financial plan that includes you (and a spouse, if applicable) living to age 100.

2. Update and review your plan annually to reflect changes in living arrangements, health, and inflation.

3. Start saving today. Compound interest is a powerful tool. Save a set amount monthly and invest in your 401ks, IRAs(including Roth’s) and don’t overlook your HSA (Health Spending Account).

4. Consider taking Social Security benefits at a later age to receive a larger monthly benefit.

5. Review your allocation of stocks and bonds to reflect planning for a longer lifespan.

6. Sometimes you need to think outside the box to achieve your goals. 

If you would like to create or update your plan, reach out to us today! 

Check out this and other Money Matters with Dan & Brian published in TapIntoChatham.