Longer Anticipated Life Spans Require Additional Advance Planning
Advances in medical care and an overall better standard of living are credited with providing longer life spans to each new generation. As a result, plenty of people are likely to find themselves living well past the age at which their own parents or other relatives died. While those extra years can provide more meaningful time for family and enjoying your favorite hobbies or activities, living well into your 80s and 90s does require some addition advance planning. Steps you take today can not only increase the likelihood of having a long life, but can also increase the quality of living you enjoy during these years.
Living to 100 More Likely With Each New Generation
People who grew up 40 or 50 years ago may have considered remaining active into their 80s to be quite an accomplishment. Reaching the age of 100 was out of the ordinary, prompting announcements in newspapers and on local television shows. Today, studies indicate that reaching an advanced age is far less a rarity. More advanced medical care and greater awareness of healthy living standards have caused each generation to increase their life span by several years.
According to the group Human Rights Watch, studies now show that roughly one third of all those born in 2012 will likely live to reach 100 or more. Unfortunately, long life and good health do not always go hand in hand. Adding an extra 15 to 20 years to your life span requires you to take certain steps now to protect yourself against disabilities and to ensure any future health issues or special needs are met. It also requires additional financial planning to ensure you are able to meet living costs throughout old age.
Preparing for a Long Life
One of the main issues with longer life spans is ensuring you are provided for during these years. BankRate offers a retirement planning calculator which can help you estimate costs and how much you will need to save to ensure a decent lifestyle based on your current income. In addition to increasing your savings, other steps you can take now to prepare for potential future issues include:
Manage chronic health conditions: Living a healthy lifestyle and staying on top of chronic conditions, such as diabetes or high blood pressure, can help ensure better health in the future.
Make time for Medicaid planning: Calculate what potential nursing home care or other assisted living costs are likely to be and engage in Medicaid planning to reduce these expenses.
Make sure estate planning documents are in place: Take time to create or update your will, advance directives, and other important estate planning documents, which protect you against unexpected events.
Let Us Help You Today
At Cavallo & Cavallo, we can guide you in strategies that protect your lifestyle, both now and in the years to come. To request a consultation in our office, reach out and contact our Bronx & Westchester estate planning attorneys today.