According to Dr. Joe Coughlin, founder and director of MIT AgeLab, while we may fear our lifespan outliving our wealthspan, there’s an even greater risk of
–Outliving our physical capacity to remain comfortably independent
–Losing easy access to the big and small things that make us happy, and
–Seeing a decline in the number of friends critical to supporting quality living in old age.
Planning for these contingencies is an integral part of preparing to live longer, better. Financial advisors should integrate these issues into a comprehensive planning discussion that makes an ambiguous retirement future—often decades away—more tangible to their clients. They need to help clients commit to preparing for their retirement today.
Why traditional approaches to financial planning have lost effectiveness
Three questions advisors, individuals and couples should ask to prompt an assessment of how well they are prepared to live well in older age
How to implement a new, more effective planning process.
CFP, CLU, ChFC,
Senior Vice President,