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What’s your longevity literacy? Perhaps more importantly, what’s your financial planners’ longevity literacy? Longevity literacy is a term used by the financial industry regarding the understanding of how long you are likely to live in your retirement years. And it’s something you should be aware of and thinking about, regardless of your current age.
If you haven’t calculated your M-PYR, minimum potential years remaining, now is a good time to do so. While no one has a crystal ball, the number you come up with might surprise you. Remember, it’s your likely MINIMUM, not maximum.
Sharing this information with your financial planner or using it as part of your planning process is important. Accurately planning for your lifespan means preparing for your money to last as long as you do, and having it cover the things that are important to you – which may include helping aging parents.
As you start this process, and once you’ve calculated your M-PYR, there are a few other things to consider.
Big Picture
First, are you doing everything you can today to make sure that your healthspan matches your lifespan? Saving and putting money aside for possible future scenarios is important. However, just putting money aside for the future without taking action today is missing the boat on what your life could be later and can be today.
Are you making the right lifestyle choices? Have you been taking care of your spine and nervous system? Are you already anticipating – or living – a life of polypharmacy and allopathic medical dependence? The quality of your life today isn’t just an indicator but will dictate the quality of your life tomorrow unless you educate yourself and make the necessary changes.
Unfortunately, your quality of life does not dictate your longevity. You might not think you’ll live to 100. You might not want to live to 100. But that doesn’t mean you won’t live to 100.
Long-Term Care
We’ve all seen expensive assisted living medical facilities popping up in every community around the country. We’ve also all read the stories of healthy, active centenarians who live on their own and enjoy their lives, continuing to be productive, until their last breath. What’s your long-term thinking? What does your lifestyle today say about the likelihood of your long-term care needs?
The fact is, if you believe that the future is completely out of your control, then it is. If, on the other hand, you know that you can make choices today that will enable you to live a long and healthy life, you’re right, you can.
According to Fidelity, a 65-year-old couple today will likely need $315,000 to pay for health care expenses in retirement. They are quick to point out that this huge amount can be mitigated by Medicare. In our article, “The Fine Print,” we use the language from the Medicare Guidelines to explain the government’s concern for the health of its citizens.
Maintenance Therapy.—Chiropractic maintenance therapy is not medically reasonable or necessary and is not payable under the Medicare program. Maintenance therapy include services that seek to prevent disease, promote health and prolong and enhance the quality of life, or maintain or prevent deterioration of a chronic condition.
That’s pretty clear, concise language about our government’s priorities for our health as we age. Depending on the government to help you achieve or maintain your healthy longevity is likely the quick path to an assisted living facility. The answer? Start taking responsibility, making the right choices, and taking care of your health starting today.
When you start going down the road of financial planning and particularly healthcare planning it is easy to get distracted. As you become entangled in conversations about out of pocket expenses and the other details of insurance coverage, you can lose sight of your body’s innate intelligence and birthright time.
Longevity Literacy Revised
By all means, take responsibility and plan for your financial needs. Get any professional help you need, educate yourself to ask the right questions, and develop your own financial and longevity literacy.
However, additionally, consider expanding your definition of longevity literacy to mean investing in your health today to minimize your future expenses and maximize your future healthy and independent lifestyle.
The right professional to help you with that is a 100 Year Lifestyle provider near you. Find one near you today and take control of your future!
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