In 2017 the Australian Institute of Health and Welfare (AIHW) identified three longevity stages - Able(disability free), Less able (increasing level of disability) and Dependent (severe core activity limitations covering self-care, mobility and communication). Together with your SHAPE Analysis, this shows what your longevity (the rest of your life) could look like.
At age 65, your Able period is typically more than half your longevity. This means it's a good time to get organised and get on with the rest of your life, including planning for the future while you are still physically and mentally in good shape. This is the best time to develop your Longevity Plan and link it to your health, financial and estate plans.
We typically become Less Able which means some limitations but still able to live independently. By now it's valuable to have a good idea of how you will deal with this stage. Within your Longevity Plan, your key contingency plans should have been been identified and discussed with those you may need to rely on down the track.
The final stage of our lives - Dependency - means relying on others. Women tend to have 1-2 years more dependency. A feature of your longevity is that the longer you live, the longer you are likely to live and if so, your dependency is likely to reduce. This means extra years tend to be better. This is one benefit of managing your longevity as well as you can.
Just as the stages of our longevity change over time, so will your SHAPE Analyser results, since they reflect your personal situation. It's a good idea to review them annually or more often if there is a significant change. Also, as medical and social responses to ageing improve, your longevity and your outlook may change. These can affect your financial and estate planning decisions. Your Longevity Plan enables you to bring these all together.