{"id":8511,"date":"2023-08-05T21:33:35","date_gmt":"2023-08-05T21:33:35","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/retirement\/the-live-to-100-retirement-plan\/"},"modified":"2023-08-05T21:33:35","modified_gmt":"2023-08-05T21:33:35","slug":"the-live-to-100-retirement-plan","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=8511","title":{"rendered":"The \u201cLive-To-100\u201d Retirement Plan"},"content":{"rendered":"<div>\n<p>Recently, I was surprised, pleased, and sobered that a few online calculators estimated I could live to age 100. I\u2019m currently age 70, so that would mean I\u2019d be retired for 30 years!<\/p>\n<p>While it was nice to think I still had 30 years to live, it was also a wake-up call that I should <em>plan<\/em> to live that long. Please bear in mind, I\u2019m not really <em>counting<\/em> on living to age 100. However, since there\u2019s a good chance it could happen, it\u2019s the responsible thing to both plan and <em>act as if<\/em> I could live that long.<\/p>\n<p>What does that really mean? The Stanford Center on Longevity expresses well the overall goal for living a long time\u2014to be physically fit, mentally sharp, functionally independent, and financially secure throughout your life. Let me add that you\u2019ll also want compelling reasons to live that long \u2013 \u201cya gotta wanna\u201d to quote a few authors and singers. It\u2019ll take time and effort to live long and live well, so you\u2018ll need to be motivated and inspired to stick with it.<\/p>\n<p>For this post, let\u2019s take a 30,000-foot view of the Live-to-100 Retirement Plan, addressing the goals summarized above.<\/p>\n<p><strong>Physically fit<\/strong><\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>As you continue aging, you\u2019ll want to be sufficiently healthy to go about your daily activities and be able to do what gives you joy and fulfillment, all the way to age 100. Of course, it\u2019s inevitable your abilities will change as you age, as will your daily activities. But for each age, you\u2019ll want to be as healthy and vigorous as possible.<\/p>\n<p>To achieve these goals, lots of research suggests adopting the following steps which you\u2019ve probably heard before:<\/p>\n<ul>\n<li>Exercise regularly<\/li>\n<li>Eat nutritious food<\/li>\n<li>Maintain a healthy weight<\/li>\n<li>Get sufficient sleep<\/li>\n<li>Manage your stress<\/li>\n<li>Avoid smoking and abusing alcohol and other substances<\/li>\n<\/ul>\n<p>For many people, the challenge is to actually adopt and improve on many of the above steps.<\/p>\n<p>You\u2019ll also want to build your team of health care professionals, since your medical issues will inevitably be more complex as you age. One important aspect of your plan is to develop a series of health metrics that will alert you if you\u2019re possibly developing vulnerabilities to a serious medical condition, so that you can take proactive and protective actions. Examples include regular testing of your cholesterol levels and blood pressure.<\/p>\n<p><strong>Mentally sharp<\/strong><\/p>\n<p>Americans fear Alzheimer\u2019s disease more than cancer, stroke, and heart disease combined, according to a survey conducted by the Milken Institute. While there are no known cures or vaccines for Alzheimer\u2019s, most forms of dementia, and mild cognitive impairment, there <em>are<\/em> lifestyle choices you can make that have the potential to delay, mitigate, or even prevent some forms of dementia and cognitive impairment.<\/p>\n<p>Top of the list of these lifestyle choices is keeping physically fit with the steps outlined above, most importantly focusing on regular exercise. Building and enjoying a rich social life is also an important part of your Live-to-100 Retirement Plan.<\/p>\n<p><strong>Financially secure<\/strong><\/p>\n<p>You\u2019ll want to address both the narrow view and broad view of longevity risk. The narrow view involves developing a portfolio of retirement income that lasts the rest of your life, no matter how long you live, one that will cover your living expenses throughout your long life. To do this, you\u2019ll want to manage both sides of the common-sense formula for retirement security:<\/p>\n<p><em>I &gt; E<\/em>, or income greater than living expenses<\/p>\n<p>The broad view of longevity risk involves considering everything that can go wrong during a long retirement. It includes managing your health care expenses, preparing for a period of frailty near the end of your life, and planning for unexpected house and car repairs that are inevitable over the course of a few decades.<\/p>\n<p><strong>Functionally independent<\/strong><\/p>\n<p>As a practical matter, functional independence is the ability to live without needing much help from others to carry out your daily activities. As such, the foundation for functional independence <em>is<\/em> physical fitness, mental acuity, and financial security, which we\u2019ve already covered.<\/p>\n<p>However, here are a few more ideas that can help. You\u2019ll want to consciously build a \u201cconvoy of support\u201d of relatives, friends, and paid helpers and professionals who can help you navigate the inevitable bumps along the road to age 100. Another important aspect is to carefully select the home and community that can support you in your later years, which may not be the same home and community that served you best during your working years.<\/p>\n<p><strong>Compelling reasons to live to 100<\/strong><\/p>\n<p>As you can see, it\u2019s going to take a lot of work to carry out your Live-to-100 Retirement Plan. To help you stay on task, you\u2019ll want to reflect on the reasons why you might want to make this effort. For me, it\u2019s a combination of positive and negative motivations.<\/p>\n<p>On the positive side, my wife and I have potentially many years to enjoy our bucket list, so we\u2019re happily working on it! We also want to help our grandchildren grow up and launch their lives, and make a positive impact on our extended family, community, and the world at large.<\/p>\n<p>On the negative side, we want to minimize the odds of incurring debilitating and painful illnesses, and we don\u2019t want to be poor in our old age. We don\u2019t want to be a burden on our families or society at large.<\/p>\n<p>Admittedly the strategies outlined here can seem daunting and intimidating. And of course, there are a lot of details to consider. Fortunately, we don\u2019t need to do everything at once\u2014we can take some time to work on our longevity \u201cto-do\u201d list, step by step.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/stevevernon\/2023\/07\/27\/the-live-to-100-retirement-plan\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recently, I was surprised, pleased, and sobered that a few online calculators estimated I could live to age 100. I\u2019m currently age 70, so that would mean I\u2019d be retired for 30 years! While it was nice to think I still had 30 years to live, it was also a wake-up call that I should<\/p>\n","protected":false},"author":1,"featured_media":8512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[],"class_list":{"0":"post-8511","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-retirement"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The \u201cLive-To-100\u201d Retirement Plan | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Recently, I was surprised, pleased, and sobered that a few online calculators estimated I could live to age 100. 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