Beyond 65: Why Financial Advisors Need a New Approach to Retirement Planning

In today’s world, retirement planning is more than just saving until age 65. People are living longer than ever before, with many enjoying life well into their 80s, 90s, and beyond. Yet, most traditional retirement plans fall short when it comes to securing financial stability for the final decades of life. As advisors, we must rethink our approach to retirement, extending our vision from age 65 to 100.

Understanding the “Go-Go, Slow-Go, and No-Go” Phases of Retirement

Each phase of retirement brings unique needs and challenges. The “Go-Go” years, typically from ages 65 to 75, are often filled with travel, hobbies, and active pursuits. By contrast, the “Slow-Go” and “No-Go” years (ages 75-100) bring different demands, including increased healthcare costs, supportive living arrangements, and other unexpected expenses. For many, these later phases are underfunded, often because initial planning didn’t account for such longevity.

Why Healthcare and Supportive Living Are the Game-Changers

One of the biggest surprises for retirees—and a significant reason for financial strain—is the rising cost of healthcare and supportive living. Many believe that government programs will cover these expenses, but the reality is that the majority of costs fall on the individual, especially in the later years. For middle-income families, this can be a tough pill to swallow. Waiting lists for subsidized housing are long, and private options are often out of reach financially.

The True Cost of Living to 100

Did you know that an individual who lives to age 100 may need as much as $2.3 million for supportive living in the “Slow-Go” and “No-Go” years alone? It’s a staggering number, and it’s a scenario we, as advisors, need to help clients prepare for. Proper planning can make a significant difference, offering both security and peace of mind as they navigate the unknowns of their later years.

In my latest video, I share insights and strategies for long-term retirement planning—specifically, how to secure a future that truly supports the possibility of living to 100. By watching, you’ll discover:

- The risks of relying solely on traditional retirement plans.

- Key factors to consider when planning for healthcare and supportive living.

- Real-life examples that highlight the need for a broader, more realistic financial strategy.

Watch the Full Video Here to Learn More

Let’s start a conversation about what it means to plan fully for retirement. I believe that when we extend our vision beyond age 65, we create a financial future that supports our clients, their families, and ourselves, no matter what the future holds.

Let's FIND A TIME CONVENIENT for BOTH OF US, and chat about how we can LOCK IN YOUR FREEDOM.