13 May 2018 How Old Are You Planning To Live?

How Old Are You Planning To Live? 

Do you do the planning necessary to make it easier on your family if you die? That is, is everything documented so someone can close out your life.   I am amazed at the people I have met who have children but don’t have a will.  Do you know how easy it is to make a will?  A few sentences can save your children and family a lot of challenges.

If you ask most people how long they plan to live most look at you with a confused gaze.  It is like they have not even considered it.  However, it is a very important question.  Your retirement savings and major purchases are greatly influenced to the date you plan.  Yes, I know you can’t plan your death date exactly, but you can make a big mistake by outliving the date you do choose. 

The cost for assisted care is a lot more than most plan for.  That is, care that meets a standard one would be happy with. 

How about work?  How long can to do the job you do?  Do you even like what you do?  Is there an option to slowly reduce from full time to part time?  I was very sad when my dad went to work for a Home Deport like store when his job of decades went away.  He was lifting heavy boxes.  It was hard work.  Fortunately, it was onlt for a short time and he was able to get a job in line with his previous skill set.  He had a lot of good years doing that until he was unable work.  He was very happy and good at what he did. 

I am planning to live to 90.  Why 90? I don’t know, just seemed like a good compromise between being overly optimistic and pessimistic.  I am in a career that I could work at well into my 70’s.  Some things are not in my control, but if I am healthy and a position is open I will continue to work.  

Due to my current situation I do not see a scenario that allows me to retire until well into my 70’s.  I made some choices that were not forced on me but necessitate tradeoffs from a real retirement life until much later.  I am ok with that.  The key is only having the debt of a mortgage.  I have a nice amount of equity in my current place, so I could get rid of it and still get some money.

Thinking and planning about how long you are going to live is critical to being able to retire at a point of your choosing.  Take some time and do it.