Contributed by: Sandra Adams, CFP®
Between 1900 and 2020, the average life expectancy in the United States rose by more than 30 years. This was due, in part, to improvements in multiple health measures and medical advances such as vaccines and antibiotics. As of 2021, there were 89,739 centenarians living in the U.S., nearly twice as many as there were 20 years ago, according to data from the Population Division of the United Nations. According to research by Dr. Michael Roizen, emeritus chief wellness officer at the Cleveland Clinic and Al Ratner, former CEO and chairman of Forest City Enterprises, as published in their book: “The Great Age Reboot: Cracking the Longevity Code to Be Younger Today and Even Tomorrow,” there are promising medical breakthroughs happening now that could prolong life even more in the near future. According to Dr. Roizen, there is a point in the near future when “90 will be the new 40” in which people will live to be 150 and retire at age 75!
Whether you WANT to live to 100+ may be irrelevant — it may be happening whether you desire to live that long or not. If we will truly be living to age 100+, how should we begin to plan for this? Not only from a financial perspective, but from a personal, psychological and emotional standpoint so that we can have meaningful and valuable long lives? Most of us need to make some changes to prepare for a longer life.
Change Your Mindset About Work
We need to start by changing our mindset about working. Retirement needs to be thought of as more than just the end of your first career/working life at the age of 65 and moving into a life of leisure. If we plan to live to 100+, most of us will need to work past age 65 in some capacity. But can that allow us to work in the same career with a more flexible schedule, or start a business, or do something completely different — something we have always wanted to do, but didn’t feel we could take the risk when we were younger? This is the time to make our next phase of life your best phase of life, starting with making your work meaningful and challenging. For some, this may be by finding our purpose and passion and putting it to work first by finding a way to continue to support us financially a little longer than we originally planned; by doing this, we put ourselves in a better position to be financially independent for the full extent of our long lifespan. For others, this may mean putting our time and talent to work volunteering for causes that mean the most to us and giving back to our communities.
Change Your Mindset About Health
Making a priority of health and well-being is another change we must make if we are to thrive in our quest to live the 100+ life. In order to maintain overall well-being, the following are important steps you need to follow:
See your doctor(s) regularly for check-ups and proactive testing and vaccinations.
Maintain a healthy diet (learn to cook or purchase healthy meals if you don’t now).
Drink plenty of water.
Avoid unhealthy habits (smoking, drinking too heavily, etc.)
Maintain a healthy weight.
Maintain a regular sleep schedule (6 – 8 hours of sleep nightly is recommended).
Maintain social engagement; avoid social isolation.
Keep your mind active (continuous learning).
Maintain a safe living environment.
Get regular exercise, including cardio, weight training and stretching.
Get fresh air as much as possible.
Use stress reduction exercises, including meditation.
Maintain good mental health; seek a therapist, if needed.
Seek resources for care assistance, when/if needed.
Change Your Routine and Pursue Your Passions
Determine now what you will do in your next phase of life. When and if you do stop working (some of us will work in some capacity forever), what will you do that means something to you? What are the goals you want to accomplish during your lifetime that are meaningful, personally satisfying, and psychologically rich? All of these components need to exist in your mix of goals and it is important to have a good balance. To fill your life of 30+ years of retirement, you will need to come up with a long list of goals and activities to fill your years. Start now to think of the things you might want to accomplish and the timeframes in which you might want to accomplish them. List anything that you’d like to make happen - getting these wishes down on paper makes them that much more likely to happen! Your “wish list” may include:
Travel to a particular destination.
Writing that novel that you always said you’d write.
Starting a non-profit or working for one that supports a cause that matters to you.
Taking a mission trip.
Taking a ride in a hot air balloon.
Going back to school and getting your college degree.
Visiting the town where your great grandmother was born in another country and starting to put together your family history.
There are so many possibilities! And the goals that are meaningful to you will be different than those that are meaningful to someone else. The sooner you get started, the better. None of us know our future health trajectory — so get working on those goals and make them happen while you can. The good news is, for many of us, the longer we stay mentally engaged, healthy, and active, the better chance we have to keep going strong!
Change Your Social Engagement
It seems that who we engage with as we age is important. First, stay engaged — with SOMEONE! Staying engaged with people from different generations is a key to staying active and healthy in your next phase of life. This engagement may come in the way of activities with the many generations of your family. Or it may come by being intentionally engaged with other generations — by where you choose to live, how and where you choose to volunteer, engage socially, etc.
Start now!
The 100+ life is truly something most of us should be thinking about, anticipating and planning for. How can we start planning now in order to have to have the most engaging, meaningful and healthy long life possible? One in which we thrive during our entire life, give back to ourselves and our communities in a meaningful way, and are able to support ourselves financially for our entire lifespans? Only by starting the planning process now and anticipating a long life can we be prepared. Work with your professional planning team to start designing your Longevity Plan now. Be prepared for your 100+ Life!
Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.
Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc. Center for Financial Planning, Inc., is not a registered broker/dealer and is independent of Raymond James Financial Services.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete the CFP Board’s initial and ongoing certification requirements.
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
Any opinions are those of Sandra D. Adams, and not necessarily those of Raymond James.