People are living longer than ever, but is your retirement plan built to live just as long? Let's explore this today on Elevate Wealth. Hey there, I'm Deanne Rosso, president and CEO of Elevate Wealth Advisory. And one of the biggest financial concerns that you may face in retirement is a long life, and that's actually a really good thing. But outliving your money is a very real concern. And today I have with me Clarke Holt, wealth adviser. Hello, Clarke. Good to see you. So Clarke, let's address one of these big concerns that we have, which is why is longevity risk so important to address? So, that's a great question and it's something we don't think about and often times people will plan for 25 years in retirement and think that's that's going to cover what they need and cover their lifespan. In reality, people are living in retirement 30, 35, 40 years. We're healthier today. We eat healthier. We take care of ourselves more. And so, it's important to plan around that so that we don't run out of money or risk depleting our assets before we die. And so, the longer you live, the longer there's time for health care costs to rise, for inflation to erode our purchasing power, things like that. So, we want to plan around that and structure a retirement plan that is conservative that can take us out to 95, 98 years old. That's right. People tell me all the time when we look at longevity and their longevity in retirement and they'll say, "No way I'm going to live to 92, 95, 98," but more and more often we're seeing people live longer and longer lifespans. And in previous videos, we've talked about healthcare costs and we've talked about inflation. So, how can people prepare to make sure that, you know, not only are they addressing these concerns, but they're addressing them while living longer? So we often look at a combination of things: guaranteed income sources like pensions, social security. Combine those with growth investments like we talked about earlier, stocks, reats, TIPS, things like that. And combining those things in a diversified way, a very structured way can give us that confidence that we will not outlive our money, and also consider dynamic withdrawal strategies. So we're adjusting based on our spending needs and our circumstances. Yeah. And that makes a lot of sense. And we we've talked about it's not just about stretching the dollars, right? It's also about having that fulfilling life. So, how do you help clients balance both? So, and we've had conversations with people like people believe that, okay, I'm retiring after 35 years and it's this hard stop, this cut off. And it doesn't have to be that way. In fact, a better option might be to sort of phase into retirement. So, maybe your existing company or organization, you can go part-time, 20, 30 hours a week. Maybe you want to keep your health benefits, or maybe you leave your organization and go part-time somewhere else, something that you're passionate about. And that can give you purpose. It can also give you that thing we talked about in another episode, human interaction, which we all crave. So that can be a much better option, help us not get lost in retirement, have that routine, and adjust that way. Yeah. Combining the stretching the dollars or the money sense with the emotional needs that we have to for fulfillment in retirement as well. Great advice, Clarke. And you know, just remember longevity is a gift. But that does come with a responsibility for planning for it. And so, planning for a longer retirement can help you just have that confidence that your plan is going to last your lifetime. And that you can have the independence that you seek in retirement. Thank you again, Clarke, for joining me today. And if you have questions about how to build that retirement plan for longevity, that's what we're here to do. We're here to help. Visit us at elevate-wealth.com and click "let's talk." We'll see you next time.

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