{"id":38711,"date":"2024-12-07T02:26:09","date_gmt":"2024-12-07T02:26:09","guid":{"rendered":"https:\/\/isafespend.com\/?p=38711"},"modified":"2024-12-07T02:26:10","modified_gmt":"2024-12-07T02:26:10","slug":"how-long-do-you-want-to-live-in-retirement","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=38711","title":{"rendered":"How Long Do You Want To Live In Retirement?"},"content":{"rendered":"
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\u201cI don\u2019t want to live a long time. My parents really suffered in their final years.\u201d I\u2019ve heard this sentiment from relatives and friends who watched their parents really struggle with health and financial issues in their final years. It\u2019s also a common thought of surviving spouses who find themselves alone and frail.<\/p>\n

If you haven\u2019t witnessed first-hand the struggles that older people face, it\u2019s normal to want to live a long time. However, once you understand the day-to-day challenges that come with old age\u2014frailty, dementia, running out of money, or loneliness\u2014it\u2019s only natural to reconsider your goals.<\/p>\n

Let\u2019s see how we can reconcile these opposing thoughts and incorporate them into your retirement planning.<\/p>\n

How Long Might You Live In Retirement?<\/strong><\/h2>\n

By using an online life expectancy calculator, you might find that you could live into your late 80s or 90s. These calculators provide estimates of your lifespan based on your answers to questions about your health status, family history, and lifestyle choices.<\/p>\n

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However, these calculators usually don\u2019t prepare estimates of how many years you might be frail at the end of your life. Prior generations of elders might have died instead of living longer through medical treatments, but advances in medical technology are extending the portion of our lives spent in frailty.<\/p>\n

As a result, it\u2019s a good step in your retirement planning to estimate just how long your money needs to last and to plan seriously for a period of frailty at the end of your life.<\/p>\n

Consider This Robust Lifespan Goal<\/strong><\/h2>\n

Saying that you don\u2019t want to live a long time is a wish\u2014it isn\u2019t a plan. After all, what will you do if, in spite of this wish, you find yourself alive, old, and frail?<\/p>\n

Here\u2019s a more robust goal that enables you to develop a realistic life plan:<\/p>\n

\u201cI want to live well as long as I can, and I\u2019ll plan ahead for frailty near the end of my life.\u201d<\/p>\n

You can define \u201clive well\u201d in a way that reflects your own circumstances and views on life. For example, I define living well as being:<\/p>\n