We are a life-centered advisory practice.
Our Life Lived Well system focuses more on helping you achieve the life you want to live than on account balances, products, and policies. It’s living a life that is aligned with your values and beliefs. Making memories and reaching aspirations is what is important.
Because of these guiding principles, we don’t believe the Standard & Poors is the right index against which your life should be measured. Rather our Life Lived Well system measures success based on how well your money is helping you live a life focused on your priorities.
Most of us tend to think about the things we would like to do in our lives in terms of the money required to make them happen. This vacation costs that much. That house or vacation home costs this much. So, we’re often setting aside the day-to-day life we want to lead to accumulate the money necessary to get the things we want later. Life Centered planning turns this around.
Life Centered planning is about discovering your aspirations, purpose and what it means to you to live a full life. Once you are in touch with these values, it can be easier to act and stick to the plan.
What is important to you? While this varies from person to person, most people would like to feel happy, safe, and secure and ensure that their family does too.
What that means to you might be different than your neighbor, whose circumstances are different. You might have similar underlying values, but your financial plans should reflect your different priorities.
These values, aspirations, desires, and goals are what will allow you to live a fulfilled life. A life lived well.
Longevity Planning
Planning for a long, fulfilling life – A Life Lived Well
Many of today’s retirees can expect to spend 30 years or more enjoying the fruits of their labor. That’s why it’s increasingly important not simply to plan for retirement, but to plan for longevity in retirement. Retirement may last many years and there will be many life changes along the way, some of which you cannot forsee.
In addition to the financial implications, retirement has many life implications. Our knowledgeable and experienced team can help you sort through the possibilities and offer financial advice designed to guide you up to and through the retirement you’ve dreamed of.
Ask yourself these key retirement questions:
Where will you live?
Whether you’re bound for a dream home or planning to stay put, housing likely will be your biggest expense in retirement. While aging in the comfort of your own home would be ideal, modifications to the home – or your plan – could be necessary as mobility and transportation challenges arise.
Let’s talk about:
- Do you want to stay in your home? Will it need to be modified?
- What housing options are available to you, and what will they cost?
- Would you want to downsize? Relocate to a pedestrian-friendly neighborhood?
How will you get around?
Being mobile means being independent. And life in retirement brings more opportunity to go where you want whenever you want.
This may help explain why transportation is the second largest expense for individuals older than 65 and accounts for about 15% of their annual expenditures, according to the Bureau of Labor Statistics. That’s why we make sure to account for it as part of your long-term financial plan.
Let’s talk about:
- How will you get to your favorite places in retirement?
- Who will assist you if you can’t drive yourself somewhere?
- What transportation options are available in your area?
How will you safeguard your health?
Let’s talk about:
- Do you have an existing condition? What will treatment cost over the long term?
- Do you know what costs Medicare will cover?
- How will you pay for what Medicare does not cover?
- Have you considered Medigap?
How will you secure your legacy?
As you take the steps to plan for a comfortable retirement for as long as you may live it, it’s important to think even further. Ask yourself what kind of legacy you want to leave. How are you going to make sure you’re secure against financial fraud? Will you work toward passing assets – and information – to your heirs to help secure your family’s future?
Let’s talk about:
- Have you spent significant time thinking about your legacy?
- Who will have access to your important documents and information when the time comes?
- How will you protect your assets and inheritors from financial fraud?
Who will take care of you?
As we all live longer, you may provide care for a loved one or receive care yourself. Becoming a caregiver can be not only stressful, but also can have financial consequences if it requires taking time away from work. And long-term care is not covered by Medicare.
Let’s talk about:
- Do you understand the full impact of being a caregiver?
- How will you get the care you need as you age?
- Should you consider long-term care insurance?
Will you have enough?
Giving yourself every opportunity to save enough for a long, fulfilling life requires careful, detailed longevity planning. It also requires strategies for saving, investing and taking withdrawals. Making the right Social Security claiming decisions is vital to optimizing your retirement income strategy.
Let’s talk about:
- When are you planning to retire?
- What sources of income will you have in retirement?
- How much income will you need in retirement?
Today’s longer life expectancies present opportunities and challenges as we get older. We are here to help.