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Financial Planning for a Longer Life

Are you planning for the financial security of FUTURE YOU? We, as women, have longer life expectancies. It may seem unthinkable, but odds are 1 in 3 women in the U.S. will live to age 95. The best time for women to start financial planning and investing for their future selves is now.

Like most of the women I speak with, I want Future Me to have the financial resources to make choices based on how I want to live, not whether or not I can afford it. I want to live my last years on earth with dignity and comfort. And I certainly don’t want to be a burden to my loved ones or society. It’d also be nice if there was extra money to pamper my old self too! 💆🏻‍♀️💅🏽💇🏻‍♀️ For single women, formulating a financial plan is critical for the wellbeing of your future selves.

Here’s a picture of what the app Aging Booth predicts I will look like at age 82. Not pretty, but better than the alternative, right? As a side note, I’m 100% sure I will have given up on coloring my hair by then. I’m almost too lazy to do it now! But Future Me will definitely need money for spa days! And perhaps a face lift…

FUTURE ME at age 82

I remember the time I saw an elderly woman pulling an oxygen tank next to her at Whole Foods. It was during a “storm of the century” 🙄 Colorado snow storm. I was annoyed that I had to be out buying groceries and wondered why she was out. Then I heard a distinct beep and saw her scan the oatmeal she just put in her cart. She wasn’t there for herself! She was an Instacart shopper for someone else during the storm. I felt sad. And I wondered if there were steps she could have taken to put herself in a better financial position. Yes, lack of privilege and luck may have played a part in her situation, but planning and preparing may have also helped improve her situation.

What do you want for yourself at age 82? 90? 95?

Here’s what I’ve been reading lately, including an article about longer life expectancies and finances:

You Might Live Longer than You Think. Your Finances Might Not.

When talking to people about their finances, they tend to focus on the age they can retire. It’s a huge life milestone. An uncomfortable question that financial advisors have to ask is what does longevity look like in your family. Not because we are being nosy, but because of basic math. Our jobs are to make sure you are financially comfortable (whatever that means to you) until you die.

Financial plans are based on assumptions and historical data. How many years you need your money to last you is a critical piece of data that we can’t know with any certainty. So we make an educated assumption. This article from the Wall Street Journal tells us why you should overestimate how long you will live when planning your post retirement years.

FOMO: The Worst Financial Trait

In the time of crypto, NFTs, SPACs, and whatever the latest media darling your loud co-worker claims (or used to claim…) as a fail-safe way to get rich, this article reminds you to not get caught up in the hype.

Entertaining vs. Investing

Jim Cramer is an entertainer, not a financial guru. Investing should be as exciting as watching paint dry. Ask yourself if you are speculating or investing and for what purpose. There is nothing wrong with speculating, but be aware of its difference to investing. Are you looking at the markets as a way to pass time? Or to build your net worth for the future?

Gambling at the casino is a form of entertainment. Successful investing is not supposed to be entertaining. Ben (Carlson)’s first rule of portfolio management is to know what you own and why you own it.

That might sound boring but boring is beautiful when it comes to long-term investment success.

Can You Have Too Much “Alone” Time

I found this graph compelling. While I know time with my kids is declining and will continue to decline 😭, it’s still sad to see confirmation. However, I never considered how much time I spend alone versus time with friends.

A couple of surprises to me. One – that there wasn’t a spike in time with friends from ages 18 to 22. When I was in college, I felt like I was always with friends. You couldn’t be alone if you tried!

I was also surprised that time with friends doesn’t spike back up after retirement. The people who say they will make more time for friends when they are no longer working, is this really true? Something to think about.

Hate Budgeting? Try Rethinking It

As always, Sarah Newcomb at Morningstar provides insight into how we think about money. In this article, Ms. Newcomb encourages us to shift our mindset on how we approach budgeting. She encourages us to assess how a “need” can be met using different strategies. Budgets aren’t diets. The importance of the human experience is a priority too.

Recently read for pleasure: Hamnet by Maggie O’Farrell (recommend!)

So, I may the only person in the universe who didn’t know this story was inspired by Shakespeare’s life. I added it to my library list based on a friend’s recommendation. When I enjoy a book or show, I google about it. Only then, did I read about the link to Shakespeare.

Recently read (audiobook) for work: The Richest Man in Babylon by George Samual Clason

This book is always on top ten lists of best personal finance books. I’ve been meaning to read it for years, but it sounded dull and unappealing. And honestly, I thought the financial tenets would be hugely outdated. I was wrong. The lessons still hold true. And the book was more entertaining to listen to in a story format.

My 25 Favorite TV Shows About the Workplace

As a life long tv watcher, I had to include this article from the Wall Street Journal under the topic of “Leadership”. It included Parks and Recreation, which we have been watching as a family. We love Ron Swanson!

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Behavioral Finance, Financial Planning, Investing