Be prepared. Be very prepared.
Know what you need to do, as we continue to live longer
Do you think you might live to 100? You’re not alone. Our research finds that, globally, more than half of investors are optimistic about living to 100, although
U.S. investors are the least optimistic at 30 percent. Other key findings show that wealthy investors believe:
• Health is more valuable than wealth: Investors spend nearly 50 percent of their healthcare budget on preventative measures
•Working longer ensures
well-being: 80 percent believe extended working careers has a positive impact on health •Longevity prompts investors to act differently: 91 percent are making changes to their financial plan based on living longer
Where do you fit in?
While living to 100 has many benefits – such as more time to pursue your passions and spend time with family and friends – it also poses risks like outliving your money and not being able to afford the rising costs of healthcare when living longer, especially given a retirement that could last decades.
So, how do you plan for it? The latest issue of Modern Retirement Monthly, What if
you live to be 100? breaks it down to one key strategy: Start a financial plan.
The planning process tests the likelihood of having a successful retirement plan in place, an investment strategy that’s optimized toward your goals and can uncover potential risks, like inadequate healthcare saving.
Working together with your financial adviser, you can adapt your plan as your life, your needs and the markets change. This can help ensure that you always stay on track, no matter how long you expect to live. Questions you can ask your UBS financial adviser
•Am I prepared financially to live into my 90’s. Or even past 100?
•How should I change my financial plan to account for increased longevity?
•Will I have enough to cover rising health care costs and not be a burden on my family? Christopher J. Bouley is vice president of Wealth Management at UBS Financial Services Inc., 500 Exchange Street, Ste 1210, Providence, RI 02903. He can be reached at 401-455-6716 or 800-333-6303.