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When thinking long-term often this is the only question. So, your advisor projects that you are okay till 96. How did costs and returns become sustainable for 10+ years longer? If we apply a stress test, are we still ‘okay’? There are fewer years to recover any losses. How much is left for the Estate? So, should working baby boomers (today 59+) and millennials (today 39+) work longer? For those already retired, how do they squeeze the budget to make it last?

A longer life is exposed to more financial risks. The CBC reported in 2019 that Women will manage an increasing concentration of investable assets to 2028, and women continue to outlive men by about six years. If the costs for illness or care erode the income stream, what is the plan over time?

Health matters

We can live many years with a serious or chronic illness. A Handbook for Mortals “is warmly addressed to all those who wish to approach the final years of life with greater awareness of what to expect and greater confidence about how to make the end of their lives a time of growth, comfort, and meaningful reflection.” But it’s not just about physical health.

Mental health is mental well-being; our ability to handle the ups and downs of life. In any given year, 1 in 5 Canadians will personally experience a mental health problem or illness. Labeled the new pandemic, mental illness is the number one cause of disability in Canada, afflicting all ages. As the population ages, the incidence of Alzheimer’s and related diseases rises. With longer lives comes the responsibility for the old and the very old—with long-term needs. Demands on patients and caregivers are growing each year. There is a lot to learn, and we are just beginning.

Lifelong learning

Education was the groundwork for the 3-stage life: education, work, and retirement. Today learning is lifelong. Even prior to the pandemic, universities offered online courses to enhance careers. Working students have access to leading university courses at GetSmarter.com. Degreed.com will provide courses for upgrading and reskilling. Aging schoolteachers, (with indexed pension plans) are retiring, creating a shortage of child educators. Putting the classroom on Zoom is unpopular and not online learning. Businesses now offer streamed programs that can reach any number of students. This is a work in progress for learning at all ages, especially in the workplace.

Changes at Work

Having a longer career will require change and adaptation. The 4th Industrial Revolution cites 20+ ‘shifts’ in technology—by 2025!
A corporate decision to decline an acquisition because “the management team (mid-late 60’s) is too old” is one example of how ageism is still staining the workplace. But today, boomers are vital, active adults and bring financial, social, and intrinsic benefits. What’s Age Got to Do with It?14’ and guidance on becoming an age friendly employer from The Centre for Better Ageing15 offer ways to improve inter-generational relationships.

Enduring Connections

Relationships are precious to all of us. What is most important? “It’s love. Full stop.” says George Valliant MD. In response to the challenge of more ‘life-time’, Stanford University has published a New Map of Life, where one reviews and reassesses goals, interests, education, and career.

The Age of Longevity gives us more time to explore and grow. What can we change, and what should we continue?