The promise of longevity is here. You may recall the 2015 Time Baby of the year is predicted to live142 years. So if you are going to live a long time, you had better be prepared both emotionally and financially.
When planning a vacation it is not unusual to spend an inordinate amount of time checking where you want to go, how you will get there, how much it will cost and what amenities are available at each place, yet very few people take the time to plan their future.
It is equally important to focus on non-financial issues. We all know that making money gives us the ability to have a good life with a supportive family, maintain good physical and mental health, a satisfying career and friends we enjoy. These are the components to a long and productive life. Money buys gym memberships and interesting holidays and definitely gives peace of mind, but if you are struggling from pay cheque to pay cheque you won’t be able to enjoy them. If you don’t have a long range plan in place that includes both wants and needs, how do you how much you will need to save and invest for the future? The good news is that we are living longer and are healthier than ever before thanks to good nutrition and exercise. The bad news is that the longer we live, the greater the risks for a decline in health and the need to ensure we don’t outlive our money. However with proper planning it is possible to effectively manage our lives. (watch for the next blog on writing a Lifeplan)