Americans Living Longer but Expenses Increasing

May 31, 2018 | Elder Issues, Estate Planning

As the life expectancy increases, so do the anticipated expenses.

Cecilia Chiang, 98, continues to live both an active personal life, as well as business life.  However, that lifestyle takes some planning, according to Market Watch in “5 tips to live in retirement like this famous 98-year-old.”

Chiang retired in 1991, after a long and successful career in the restaurant industry.  She continues to operate a consulting business for other restaurant owners.

Among the recommendations to increase your chances of living a life like Chiang are:

  • It is best to delay retirement until you are debt-free, if possible. When you no longer have income from full-time employment, you do not want to be using savings to pay debt.
  • Have a plan for what you want to do when you retire. Do not just stop working and then wonder what to do with your time. Decide what you will do with your time and then stop working.
  • Get advice from good advisors. Not everyone needs a financial advisor. However, those who don’t know for sure, should consult one. It is also a good idea to speak to an attorney about estate planning and end-of-life care legal documents.
  • Figure out what your expenses are going to be. Make sure that you can afford them before retiring.
  • Consider working in a lesser capacity, such as consulting, or working in the gig economy. This will not only keep you active, it will also give you some extra income.

Reference: Market Watch (May 1, 2018) “5 tips to live in retirement like this famous 98-year-old.”