Have you thought about how long you might live? David Andrew, founder of member firm Capital Partners, has! His prediction? A very successful 106! According to The Australian Government Treasury, the number of Australians reaching and exceeding 100 is on the rise. As living longer becomes the new reality for more of us, it highlights the need for planning to shift focus. From simply saving enough, to preparing for a dynamic life through a non-financial lens, here’s what we’ve learnt about how current centenarians are maintaining their quality of life, and how retirees, might like to consider planning for this longevity.
A study of Sydney centenarians by the Centre for Healthy Brain Ageing at the University of NSWAs found most people who reach this age have an ‘optimistic and resilient personality’. While their bodies aren’t what they used to be, they are generally healthy, interested in the world and stay active. For many of our retiree clients, planning how to maintain independence and autonomy has many facets. Often, one such consideration is finding ways to adapt the home to make it more accessible or exploring assisted living or home healthcare options. Small steps to plan for these eventualities can ensure you maintain your quality of life and wellbeing well into the future.
Time for social connections
Breaking the mould on the retiree stereotypes, we see so many people flourishing in their new stage of life. From engaging in more activities, social engagements, and family commitments, we have seen our very own retiree client base experience the very best of life in their ‘golden years’. The world might be rapidly changing, but social connections and engagement as vital human experiences remains unwavering. Wherever life takes you, prioritising your hobbies and interests, staying busy and finding new ways to connect with others should remain front of mind.
Focus on purpose
If you’re living in the moment, enjoying your post-work freedom, you’d be forgiven for not thinking about life so far into the future. Focusing on the next few years, the holidays you have planned, the new home on the horizon, and days full of grandchildren, just makes sense. This freedom is even more accessible when you have certainty in your financial affairs. But, while you’re living the good life today, try to dedicate time to envisioning the things that give you the most fulfilment and purpose. Consider what it is you want to do with your life and freedom of time. Work gives us such a sense of belonging and purpose, that when we shift away, we can run into a void. Think about what you do or can take on what contributed to a cause bigger than yourself as purpose can be found there.
Living to 100 or beyond is the new horizon for so many, meaning there is value in retirees placing greater emphasis on the social and personal aspects of retirement planning. Your advice team are advocates for looking at the bigger picture – working with you to pinpoint what fills your cup, then leveraging this into your plan. After all, as our post-work lives roll on and bucket list items dwindle down, lifestyle planning becomes your springboard for a prosperous future. If this article has sparked questions for you, please do not hesitate to contact your adviser. Or contact one of our member firms to find the right adviser for you.