One of the most critical aspects of financial planning is longevity: how long we are going to plan on living. If you use an earlier death than actual, the clients are at risk of running out of money. If you use a later death than actual, the clients might be asked to practice unnecessary thriftiness.
On Tuesday, January 10, 2023, David John Marotta appeared on Radio 1070 WINA’s Schilling Show with Rob Schilling to talk about how long we should plan on living in retirement projections.
Here is an outline of the discussion:[0:00] Financial planning adds 3-5 years to your life. [1:46] Where do you begin on a calculation like this? [4:52] One way to ensure you live a long life. [6:02] There are times when work is work. [7:48] Do you just work for the money? What would you enjoy doing? [10:08] Going into business for yourself. [13:19] Is the president able to change the paper money we are using? Should we be investing in gold and silver? [17:42] What is the private business reporting requirements?
You can listen to the audio here:
Related Links & Notes
- How Long Should I Plan On Living?
- Dying Young is Not A Retirement Plan
- Social Security 2: File Early If You Plan to Die Young
- The Happy Habits of Appreciation and Gratitude
Photo by Aaron Andrew Ang on Unsplash. Image has been cropped.