Starting a Longevity Conversation- Conversation [Getting Started]

CONVERSATION GUIDE

Starting a Longevity Conversation With New Clients

"My approach to holistic planning, specifically retirement planning, differs from many other advisors. We can create a plan that is not only based on your future wealth but another very important part of your life – your health!”

Or,

“Your money and your health are both important when it comes to your goals and plans for the future. I want to create a Retirement Plan with you that is personalized and will ensure you have more choice, control, and independence as you age.”

Introducing longevity planning:

"In my experience… (speak to client concerns). I have a very effective process that I use with all of my clients! It will allow us to project and plan for all chapters of your retirement, including the possibility of care costs. It's a simple assessment that you can take, and then I will embed the results into my program to give you a very personalized financial / retirement plan. Not only that, but it will give you some ideas on lifestyle changes that could positively impact your health."

Planning for the different phases of retirement

If the active years are likely to last a long time, review the retirement plan to ensure sufficient income to thoroughly enjoy that time.

“As we look at your longevity projection, it's very likely you will live into your late 80s, which is amazing! Given that, we want to ensure we plan your finances so they go the distance with you. How about if we look at your retirement plan and ensure you have the finances for a great quality of life throughout your life?"

Addressing potential extended care years

It's important to talk about this last phase to have as much choice, control, and independence as possible and have care options.

“No one likes to think about possibly needing care in the future. However, it's important we talk about this because the goal is that you have as much choice, control, and independence as possible throughout all of your life. Part of that is having the care options you would choose if you ever needed care. In your case, it's likely that you might only need __ years of extended care. So, let's look at your plan with that in mind."

Discussing cognitive decline concerns

Discuss how she would want to handle a situation if questions about financial decision making arise. 

"It's also important that we address what might happen if… (speak to client's profile concerns, i.e., dementia in the family). We should make sure your Will, Power of Attorney, and Health Care Proxies are up to date. Plus, what could be considered to increase your longevity, and if you need care, where would you like to receive it? This all factors into us making sure you're prepared for your future."

Starting a Longevity Conversation With Existing Clients

"As you know, we've been working together to ensure you have the best financial plan for your retirement. I'm sure you'll agree that your health, as well as your money, is also important in retirement. The goal is to have both – not just one of them. We want to make sure that your retirement plan considers both.

You're now at a life stage where we will expand and go deeper in the planning conversation. We have a process that will allow us to more effectively project and plan health care costs for you and your family. This will help us ensure you have the maximum choice, control, and independence as you age.

It's a simple assessment that you (and your spouse/partner) can take, and then I embed the results into your current plan and make any adjustments we need. Not only that, but it will give you some ideas on possible lifestyle changes that might improve your quality of life!"

Listen for clues or consider possible life transitions

Has your client experienced a recent health issue?

“I am so sorry to hear about your wife's health issue. I can't imagine how difficult this has been for both of you."

Are they providing care for a family member?

“Being a caregiver for a parent can be very stressful. There are so many things to manage, not the least of which is the cost. How are you doing during this time of caregiving for your mother?”

Are they approaching retirement age?

“As you are getting close to retirement age, this could be a great time for us to revisit your retirement plan with a different lens. We could look at your Retirement Plan, so we can be sure you would have the funds available, if you should ever need care in the future."

Life Expectancy Conversation

“I hope that by reviewing each of your longevity health span plans, we can consider the lifestyle that each of you wants – individually and together – and make sure that your retirement financial plan reflects that. In my experience, doing this often encourages couples to have more informed planning conversations. 

For example, if we consider both of your current plans, it's projected that Jane is going to be healthy until about age 90. And John, right now it's projected that you are going to live until about 77 healthy and then require about 5 years of some extended care. Given your age differences, that may mean that you need care when Jane is about 72. Obviously, that isn't a guarantee, and if you take a look at the optimized projections, those extended care years get reduced and occur about age 84 and get reduced to 3 years. This means that Jane would be 79 when you might need some care. 

These are important considerations for both of you, because you each need to figure out how you both have the retirement you want, as well as how making sure you have planned for potential care needs. You may want to give this some thought and we meet again to review your financial plan to ensure it will accomplish what you want. Let me share where things are financially for you right now."

 Continuing the conversation