I'VE BEEN PONDERING

Here's a financial risk you may not have thought about: longevity. While most people hope for a long life, living a long time can be a risk to your financial security.

Laura Carstensen, Director of the Stanford Center on Longevity and author of A Long Bright Future, spoke at a conference I attended years ago, and her words are stuck in my brain. She said, "Medical science has given us an extra 30 years of life. Isn't it interesting that we chose to put them on the end." 🤯 When you think about it, "old age" is a social construct. (Where would you vote to add in those extra years?)

​The "New Map of Life" project proposes changes in social institutions, norms and policies to accommodate this new reality. The report points out that "as many as half of today’s 5-year-olds can expect to live to the age of 100." And it's just as true that most of us will live longer than we might expect. (Kevin and I talk about how this particular unknown ties into helping our clients plan for their future on the podcast.)

One of the adjustments may be that people work longer. A recent Wall Street Journal article had the arresting title "Here Comes the 60-Year Career!" (this link should give you free access even if you're not a subscriber. Podcast version if you prefer to listen.) The article points out that facing a longer time in the work force necessitates a new mindset:

"Instead of advancing vertically up a single path, for instance, people will need to move sideways—and even down at times—as they traverse different jobs and multiple careers. They will have to make sure they have adequate income to sustain themselves over lengthy lives. They will need to figure out where they derive the most job satisfaction so they don’t burn out after decades of working. They will have to keep acquiring new skills to avoid becoming obsolete. And, if they can afford to, they may want to take occasional career breaks to balance their personal and professional lives."

For those of us already in our 50's or 60's, already well into our careers or having long ago stepped away from them, it may involve thinking creatively about how to stay engaged, fulfilled, and, ideally, paid, for another decade or two. How to do this in a society and economy where ageism is a real barrier...

I wish I had good answers, but as usual my approach is to lean into the questions and encourage more conversation. Who can we connect with to help expand our range of possibilities? Where can we find support from others in similar situations? I'm constantly amazed at how open and giving people are when we open up to it.

TIMELY TOPICS

I called a friend recently to wish her a happy birthday and to catch up. She had some pieces of happy news as well as one not-so-happy. One day while she was at the gym, her car window was smashed and her purse stolen. It wasn't simply for whatever valuables she had in it. This was the work of an identity theft ring called the Felony Lane Gang. After "smash and grab" tactics to acquire their victims' ID's, they move on to taking money from bank accounts and passing forged checks!

Note this friend happened to be in Pennsylvania, but the gang is active across the country. Learn more about how to protect yourself here. ​

RECENT/UPCOMING SIGHTINGS

• I'm speaking at an upcoming Ellevate Network online meeting about re-writing our money story. I'd love for you to join us.
• I shared the virtual stage with an amazing fellow financial planner Angie Ribuffo on the many issues women face planning for retirement.
• ​On the podcast, we had a conversation with Mim Senft, founder of Motivity Care, about planning for the possibility of needing care or needing to provide care. Very topical for those of us whose parents are getting to that age.

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Let's Connect!

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