Planning
For A Long Life
In 1900, life expectancy for much of the industrialized world was under 50. Today, living well into your 70s, 80s and beyond can be expected. How will we spend and make the most of our 30-year longevity bonus? With new thinking.
Based on information learned from studies by the Massachusetts Institute of Technology (MIT) AgeLab, the MacWilliams-Wolf Wealth Management Team created a series of talks, “Health, Wealth & Ready,” aimed at helping assess and address important topics related to aging and retirement. These talks center around four major areas: healthcare, housing, transportation and caregiving. We believe it is our responsibility to speak to groups who need to know more about handling the issues of aging in a way that leaves them healthy, wealthy and ready.
Based within the MIT School of Engineering’s Engineering Systems Division, the MIT AgeLab is a multidisciplinary research program that works with business, government and NGOs to improve the quality of life of older people and those who care for them.
Created in 1999, the AgeLab invents new ideas and creatively translates technologies into practical solutions to improve people’s health and enable them to do things throughout their lifespan. Equal to the need for ideas and new technologies is the belief that innovations in how products are designed, services are delivered or policies are implemented are of critical importance to our quality of life tomorrow.
Personal experience has taught us the value of addressing aging issues early and often. The sooner these issues are addressed and appreciated, the more likely you can be a contributing member of the team that makes these decisions. We want to encourage people to understand the scope of aging issues and educate them about their different options.
Hopefully, we will all get to deal with the issues of aging. However, in our society, many people view aging through a negative lens. People are reluctant to discuss these issues and often feel that aging is simply a loss of their independence and that avoiding these issues will insulate them from reality. In failing to address these issues early and often, we leave ourselves at the mercy of making ill-informed decisions, often during a time of crisis.
Healthcare, housing, transportation and caregiving are key areas to aging with dignity and grace. At some point, every aging person will have needs in one or more of these areas.
When addressing what it means to be a caregiver, it’s important to address the different roles in which caregiving can occur. Do you need financial or physical care? These are two very different things, and may require different caregivers or support structures.
When evaluating issues with transportation, one major issue is how to assess and plan for when it is time to stop driving. Also, if you decide to stop driving, what are your options for other modes of getting around?
In regard to housing, the vast majority of people wish to continue living in their home indefinitely. There are a variety of different planning mechanisms to undertake to allow for staying in your home as you age. And when it comes to healthcare, aging issues involve not only financial planning regarding the cost of chronic conditions, but who should be charged with making decisions and how those decisions are made. You should know what a healthcare advocate can do for you, and what their duties entail.
As you can imagine, these topics are all important to allow you to take control of how you age. We look forward to engaging in a very practical conversation to address these issues with you.
Raymond James is not affiliated with the MIT AgeLab.