The Setup:

We all want to live a long life, but that can be risky financially. On this week’s episode of Unlocking Your Financial Future, Ben explains the risks and why it’s an awkward conversation to have with clients.

Click the timestamps below to skip to a specific topic in the episode.

The Combination and Key Points: 

We all want to live a long life, but it can be difficult financially if you’re not prepared to live to an older age. On this episode of Unlocking Your Financial Future, Ben explains the risks of living longer and how it can impact your retirement planning. 

“That’s such an awkward conversation, when I tell people that the biggest risk in your portfolio is you living long,” said Ben. “I don’t want you running out of money while you’re still alive, and that’s ultimately a hard conversation.”

Our oldest client will be 92 this year. We love meeting with older clients and hearing their fascinating stories. We also have to make sure they are protected financially. It can be difficult to plan since we don’t have a crystal ball to know how long someone will live.

If your money runs out, will you turn to Medicaid, move in with your child or grandchild or do something else? These are the kinds of questions you have to consider. 

“It’s the hardest thing we have to do … to have clients see it that way,” said Ben.

Most people plan for how much money they’ll need in retirement, but not as many think about medical insurance costs or long-term care insurance. To hear more about this important topic, you can listen to the full episode or use the timestamps below to find a specific segment.

1:51 – Off-topic conversation: 30-year mortgage rates are low

4:24 – Living long a bad thing?

5:12 – Oldest client

5:55 – Longest living person in Ben’s family

7:56 – Why is it risky living long?

9:27 – How average people address these challenges

10:24 – Story about Ben’s client

13:00 – Contact Ben

Thanks for listening to another episode of Unlocking Your Financial Future. We’ll talk to you again next week!


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