Just Look Around ... 60 Could Be the New 40


by David D. Holland



A couple of generations ago, turning 60 meant that you were considered “old.” When someone passed away in their mid-60’s no one would sadly proclaim, “They were so young.” Nowadays, if someone passes in their early 70s, we are surprised and often say, “What happened?” So, is 60 the new 40? I think it just may be, at least for some! At my financial planning firm, I meet with clients on a daily basis. Often when I’m in an appointment, I’ll be taken aback by the age of a prospective client! Are they just pulling my leg when they say they are 78 (and look 62)? Just like the varied plans we create for our clients, there is obviously no one-size-fits-all when it comes to aging. Could activity play a role? The majority of my clients are extremely busy people; sometimes I get exhausted just listening to all of their activities! (This is definitely not my grandparents’ retirement!)


Holland FinancialI asked a past radio show guest, Dr. Marc Agronin, Adult and Geriatric Psychiatrist, why people are living longer. Dr. Agronin believes a lot has to do with better control of vascular risk factors (heart disease and strokes). The way diabetes is treated and monitored has also changed significantly from a generation ago, and there are better methods for detecting and treating cancer. Healthier lifestyles and exercise have also made a difference.


I say all this as a preface to the real question. How will you sustain yourself financially with this added longevity? Well, at my firm, our plans assume the best case scenario – living to age 100. (Sometimes when I tell a client this, I get the response, “But I don’t want to live to 100.” My retort is always, “...but you will when you are 99!”) All kidding aside though, longer life spans mean that retirees and pre-retirees really need to re-think the traditional notion of retirement and the age at which they choose to retire. Working longer, and waiting to draw Social Security, could mean more money in future benefits. In my office, we have specialized Social Security software and two NSSA® certified planners to help guide clients through the options available. But Social Security, as important as it is, comprises only one piece of the longevity puzzle. To see how we can integrate your investments, IRAs and other elements of your portfolio into a plan that could provide income through the century mark, call my office to schedule an appointment to meet with me. Our office hours are Monday - Friday, 8:30 am - 4:30 pm.



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