Dani Rizzo and Adam Hoyt are a couple. They are working hard to save money and plan for future retirement. They save some money every month and monitor their investments closely. They look forward to the future and at the same time assume some social responsibilities.
Hoyt is only 33 years old and Rizzo is only 32 years old, but they often wonder: How many years can they live? How much money do I have to save to spend? Hoyt said that thinking about the distant future “seems to always be a little scary.”
Therefore, the duo and the financial planner used an online life calculator to estimate the length of life. Combining the two’s family history, health status and lifestyle, the prediction results are somewhat unexpected: Hoyt can live to 92 years old, and Rizzo is 94 years old.
Hoyt is the senior account manager of the Washington Nationals, and Rizzo is the digital director of the Humane Rescue Alliance in Washington, DC. The couple has a long-term vision and is not limited to the serious epidemic situation in front of them. They both hope that they can live a long and healthy life.
Data from the Centers For Disease Control and Prevention (CentersForDiseaseControlAndPrevention) show that before the outbreak, the average life expectancy of Americans was about 79 years (76 years for men and 81 years for women). However, the population of centenarians has steadily increased, and a relatively new retirement concept-longevity planning has emerged. The plan is to combine traditional financial management techniques with “life” planning to prepare for retirement.
Rizzo said that they would save money in their personal retirement accounts on a regular basis, but they would also look forward to “their retirement life.” “We don’t plan to have children, but travel will take up a large part of our lives.” She said. The husband and wife will try their best to give back to the society with their investment. The companies they invest in are focused on promoting racial and gender equality or advocating the use of clean fuels.
James Brewer, a registered financial planner at Envision Wealth Planning in Chicago, provided consulting services to the couple. In addition to achieving their savings goals, Brewer also helped them formulate life plans, such as: within the scope of their pension, how can they make their 30-year or longer retirement life meaningful?
Brewer believes that if you plan your life, you will usually get more surprises. He said: “My mother is a black woman from the southern United States. She is 92 years old and lives independently. She never thought that she could live so long, thanks to my father’s pension.”
The number of centenarians is increasing, which is partly attributed to improvements in medical care and lifestyle. A study by the US Centers for Disease Control and Prevention shows that since 2000, the number of this group has expanded by 44%, with older women accounting for 80%. According to the U.S. Census Bureau (The Census Bureau), about 40 years from now, the number of people 100 years old and above will be six times the current number.
What can extend life? A collaborative study between Yale University and the University of Alabama-Birmingham found that obtaining a college degree and receiving continuing education can play a positive role in extending life. Of course, having a college degree does not guarantee longevity, but these people tend to be more enlightened, pay attention to self-health, enjoy better medical services, and have abundant activities in later life, etc. These factors may prolong their lifespan.
Genetic factors also play an important role. The “New England Centenarian Study” initiated by the United States in 1995 is of great significance. It discovered that centenarians have “genetic markers” related to longevity. Thomas Perls, professor of medicine and geriatrics at Boston University School of Medicine (Boston University School of Medicine), is the project director of the study. He and the researchers found that based on these markers, predict whether people will live The accuracy rate over a hundred years old is as high as 61%.
Perls said: “40% to 50% of people who live to the age of 100 are due to genetic factors. And among people who live to the age of 106, genetic factors account for 70%, but this is like winning a lottery. Every 5000 Only one in Americans can live to the age of one hundred.”
“A positive attitude is especially important.” Mitch Anthony of Rochester, Minnesota thinks. He is not only a consultant, but also the author of the book “Life Centered Financial Planning”. When Anthony was doing life planning training for financial planners, he found that those who he thought had a “new retirement concept” were better able to stay social and more energetic.
Anthony said that when specifying the core philosophy of life planning, three questions must be considered: “What do you want from life? What can bring you joy? What have you paid for this?”
Many researchers agree that life goals and meaning in life are crucial to the length of life, although it is difficult to determine how they can play a role in extending life.
A study published in 2013 showed that factors such as life goals and meaning may reduce mental or even physical pain. Researchers have found that clear life goals may prompt people to adjust to the pressure, effectively deal with difficulties, reverse the situation, and better regroup.
Brewer said that estimating the length of a person’s life span and the cost of it will help predict some possible outcomes. Most consultants who provide comprehensive financial planning will do this because it is very important to know how long your money will last due to many factors.
He added: “A lot can happen in 10 years, especially in the past 30 years, so it is extremely important to reconsider asset transfers and personal wishes every year. Maybe you are still alive, but your relatives, friends or intended beneficiaries have passed away.”
Currently, Hoyt and Rizzo are implementing life planning. Rizzo said: “We maintain a strong connection with the community, friends and family, and laugh constantly every day. We do not follow the steps, but try new experiences large and small, and continue to learn.”
