With the doubling of lifespans creating a major bonus, it’s not surprising we become more sensitive about loss of control.
Threats to our financial control become more significant. Financial challenges demand attention while our resilience – both physical and mental – becomes more of an issue.
Changing community surroundings in a more complex world can add to our concerns. Media attention, becoming more intense all the time, focuses on negatives - some of it to air legitimate concerns, some to drive commercial or political advantage.
It’s not surprising that we can be driven more by fear than positive expectations. Unless we can offset these tendencies, increasing longevity can be more of a threat than a bonus. So how can we respond constructively?
Longevity increases have been slow, so we often tend to overlook the need for action. Some of us refuse to focus on the future, taking comfort in the best of the past. Others are simply fatalistic.
Common Responses
One response is to increase our interdependence with others. Some decide to group with others of similar age, in places like retirement villages. Others prefer the comfort of intergenerational togetherness, with grandparents, parents and grandchildren living together. Any of these choices have negatives and positives. Sometimes these decisions are deliberate choices, other times they are forced upon us.
Taking more care of ourselves physically and mentally is part of the solution. Building and protecting our financial assets is another. Most of these approaches benefit from professional advice – health and financial, backed up by estate planning.
It’s not surprising that increasing longevity can be seen as more of a challenge than an opportunity. There are lots of things to manage. How can we make the best of it and not be overwhelmed?
Taking Control
Time is the key. We all speak and understand time easily. Taking the first step by using time to frame our own unique journey means every step we take reflects our personal context and expectations. It means everyone that interacts with us can do so easily in the same context, saving their time and ours, and often containing costs.
How we build that context is the key. Longevity planning starts with more clearly establishing our own time frame and the main factors influencing it. Each of us is different so even partners need their own time frame so joint plans can be more clearly developed.
While longevity planning may seem complex, it’s up to you just how deeply you choose to dive into it. To test the water, your own longevity plan provides you with simple numbers and suggestions. With no further effort you have a working context for your various issues and interests. Some of us really enjoy the detail, so diving deeper into each issue is possible but optional. Nothing is set in stone, and your plan can be easily adapted to your changing expectations and circumstances. Best of all, it provides that sense of control which empowers us to focus on the future more positively and realistically.
The first step is to get your own free initial plan online, start on the Immediate Steps we suggest and invest in a full plan (free to your partner) to frame your future more completely.
People with personal financial plans tell us they appreciate their new sense of control. Why not join them in relishing the variety of opportunities and challenges your longevity bonus provides? And better engage your professional advisers with your journey.
