Plan to live longer and better. Plan for Longevity with BMG

Longevity noun :  a long duration of individual life

The longevity of the average American has increased greatly, from about 45 years in 1900s to over 75 years today. These days I believe that 75 years of age is underestimating the life expectancy of the average individual. Remember, according to actuaries’ women are expected to live longer than men. When we take a closer look at the improved living conditions and the advances in the science of medicine my opinion of living past 75 is not at all a stretch. Also, take into consideration today’s smart phones, social media and the easy access to information. If we dare to assume that the positives outweigh the negatives from these technological advances   the longevity of the average American will only continue to increase.

They’re entire industries in place tirelessly working towards generating revenue by extending the life of a human being. It’s not a secret that everyone wants to live longer, look younger, be fit/healthy. Although it should be clear, not everyone is willing to take the proper steps to ensure their goals are reached. My goal with this post is to give you a reminder to make sure you are planning for the unexpected, be it positive or negative.

Running out of money once we are in the retirement stage of our life will not leave us with maybe options to recover. We must plan now for that stage. Allianz Life Insurance completed a great study that provides great insight and one of the many conclusion was that over 60% of people age 40-70 say their biggest fear is running out funds.

Here’s a few practical ways to prevent us from outliving our money:

1      Write out a plan and plan without taking Social Security into consideration. Of course, take advantage of this benefit but aim to use it as a last resort.

2      As part of your plan, Buy insurance. Over 60 % of people over the age 65 will require some type of long-term care services. Let’s not assume we are the exception.

3      Invest and monitor. Hiring a financial planning professional does not entail giving over control of your assets, they can be a great tool to aid your goals

4      Create a budget and manage your risk. Successful companies operate within budgets and continuously update their risk profile. Run your assets and cash flow like a business and you will also be successful

5      Live a healthy life. We will run into many bumps in the road of life. You should listen to yourself when you are feeling overworked/stressed. Remember, slow and steady wins the race. Therefore, self-care is a must!