Are we all growing old right?

Over the past couple of years, I’ve watched several seniors in my extended family, particularly those over 65, face significant challenges related to mental health, physical well-being, and signs of depression. These struggles were deeply moving, especially since financial savings were not an issue in most cases.

It made me pause and reflect: Why do these difficulties persist despite financial stability? When we think about old age planning, our first instinct is often financial safety—savings, investments, pensions. These are crucial, yes, but they’re not the full picture.

From conversations with friends and family, and my own observations, I’ve identified additional dimensions of old-age planning that are equally vital. While they may not feel urgent now, consider the seniors in your life and ask whether these resonate:

1. Health and Wellness Financial security alone cannot ensure a fulfilling old age if health is neglected. Staying physically active, eating a balanced diet, and cultivating a strong social network are essential. Avoiding isolation and prioritizing wellness are foundational to enjoying later years. A lifestyle that supports well-being is a long-term investment in quality of life.

2. Purpose and Meaning This, in my view, is the most important—and most overlooked—aspect. Without meaningful activities, retirement days can feel empty. Planning for hobbies, learning opportunities, or ways to contribute to the community provides a sense of purpose. Life remains rich and rewarding when we continue to grow and give back.

3. Housing Needs As we age, housing requirements change. Are we set up in a home that offers both comfort and support? Would downsizing, moving closer to family, or relocating to a more supportive community improve quality of life? Housing plays a significant role in overall happiness and should align with evolving needs.

4. Legacy Planning Thinking about the legacy you wish to leave is equally important. Establishing a will, setting up trusts, and planning charitable donations reflect how you want to be remembered. Surprisingly, many overlook basics like updating nominations for bank accounts or investments. Legacy planning isn’t just financial; it’s about ensuring peace of mind for you and your loved ones.

5. Financial Independence and Emotional Empowerment Financial planning is not just about saving—it’s about maintaining independence and quality of life. Emotional resilience is just as critical. For couples, cultivating individual activities and networks ensures that one partner isn’t left feeling lost if the other is no longer there. Both partners should also feel equally confident in managing finances, empowering them to navigate the future with security and confidence.

While saving money is essential, it’s just one part of the journey. Health, purpose, housing, care, legacy, and independence are equally important. True planning means thinking ahead for all aspects of life, not just the bank account.

I’m reminded of my uncle’s experience after losing his spouse. Although financially secure, the loss of companionship left him feeling adrift. We lost him within few months of losing our aunt and he just couldn't recover from the loss. It underscored for me how emotional well-being and purpose are integral to aging gracefully.

With a TAM (total addressable market) of nearly 100%—aging is a universal experience—it’s clear we need better solutions to support our senior years.

What do you think? Are there dimensions I’ve missed? How can we prepare ourselves and our loved ones for a more fulfilling later stage of life? Let's brainstorm some solutions together.