On This Episode
As life spans continue to increase, so does the need for more money later in life. Find out how to plan financially for a long life.
People are living longer and longer, which is a great thing but can be risky financially. On today’s Saving With Silverman podcast, we’ll tell you how to plan financially for a long life.
“It's a double edged sword. It’s good that you’re living longer, but you’ve gotta figure out how you’re gonna pay for those extra years,” said Mark, whose oldest client is 93.
It may be an uncomfortable conversation, but we need to talk about longevity of life as a financial risk. It can be problematic because many financial plans default to the age of about 90. But what if you live past that age?
“For some people we push the plan out to 100,” said Mark. “Each generation is living longer than the last.”
You don’t want to run out of money or be a burden on your kids. We have a 5-step financial planning process that can help determine how to plan for your retirement. We can look at longevity in your family history and take into account any serious or terminal illnesses.
Mark also explains how to help someone who’s worried about running out of money. Listen to the entire episode or click on the timestamps below to skip to a particular segment.
It’s good that you’re living longer, but you’ve got to figure out how you’re going to pay for those extra years.
- Mark Silverman, CFP®
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
1:48 – Our oldest client
2:50 – Why do we talk about longevity as a risk?
4:22 – Why most people haven’t addressed the issue
5:30 – How to help someone worried about running out of money
6:48 – Our 5-step financial planning process
Don't forget to subscribe to the show on your favorite app!