June 7, 2023

The Top 4 Financial + Health Care Considerations for Longer Life Spans

As advancements in healthcare and lifestyle choices continue to enhance our well-being, people are enjoying longer life spans than ever before. While this is undoubtedly a positive development, it also necessitates carefully considering the financial aspects of extended lifetimes. This blog will explore the crucial intersection between health care and financial planning for individuals seeking to maintain a high quality of life throughout their extended years.

1. Understanding the Impact of Longer Life Spans:

With increased life expectancy comes an extended period of retirement and potential healthcare needs. It is crucial to recognize the potential financial implications and adequately prepare for these extended years. Failing to account for the associated costs can place a significant burden on individuals and their families.

2. Health Care Planning:

a) Insurance Coverage: Evaluate your health insurance coverage, ensuring it adequately addresses the potential health concerns of your extended lifespan. Consider supplemental coverage options, such as long-term care insurance, which can provide assistance with nursing home care or home health care services.

b) Long-Term Care Considerations: Research and plan for potential long-term care needs in advance. Options may include home modifications, assisted living facilities, or nursing home care. Understanding the associated costs and developing a strategy to address them is essential.

3. Financial Planning for Extended Lifespans:

a) Retirement Savings: Revisit your retirement savings plan and adjust it to account for the longer duration of retirement. Consider increasing contributions to ensure sufficient funds are available for a comfortable lifestyle throughout your extended years.

b) Investment Strategies: Consult with a financial advisor to develop appropriate investment strategies that balance growth and risk management. Diversify your investments to minimize potential losses and maintain financial stability during retirement.

c) Estate Planning: Establish a comprehensive estate plan that includes wills, trusts, and powers of attorney. This will enable you to protect your assets, provide for your loved ones, and ensure your healthcare wishes are respected.

4. Living a Healthy Lifestyle:

Maintain a balanced diet and engage in regular physical activity to enhance your overall well-being. A healthy lifestyle can reduce the risk of chronic conditions, lower healthcare costs, and improve your quality of life. Living a healthy lifestyle also means prioritizing your mental and emotional well-being - not just your physical health. Activities like mindfulness and meditation can be easily learned and practiced for improved mental clarity. You should also ensure that you are taking the time to do things that are just for you. What does this entail? Basically, anything that sparks a fire in your heart: from attending enjoyable classes to reading your favorite book (again), mastering a new hobby, or perhaps picking up a new one - essentially, doing an activity simply because it brings you pure joy.

As we embrace longer life spans, it is crucial to proactively plan for the associated health care and financial considerations. By understanding the impact of extended lifetimes, engaging in preventive healthcare, and making informed financial decisions, individuals can enjoy a high quality of life throughout their extended years. Remember, a comprehensive approach to health care and financial planning is key to ensuring a comfortable and fulfilling life in this new era of longevity.

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Every Day is Saturday

Our job begins where most advisors stop—saving money is great, but how do you spend it without risk in retirement? Welcome to Every Day is Saturday with Brad Gotto and Matt Stahl, partners and private wealth managers at Fiat Wealth Management.

In this podcast we help guide you to think about your money in a practical sense and make the boring and complex financial decisions, fun, informative and educational. Join us on this journey where Brad and Matt will explore different strategies on how to spend your money without guilt and have peace of mind knowing you are spending it the optimal way in retirement.

You’ve saved money for a lifetime. Now it’s time to spend it.

In Spending Money and Having Fun, Retirement Income Certified Professional Brad Gotto teaches you how to be smart about spending so you can stop worrying and live the life you want. Old habits are hard to break, but Brad helps you embrace the counterintuitive and build new habits to support your next chapter. You’ll learn how to:

  • Change your mindset around spending

  • Create boundaries that buy you freedom

  • Gain peace of mind with concepts that take the guesswork out of your financial requirements