Our featured author, Edwin Simonoff, offers a bold declaration, which he heard fromNick Murray at the Financial Advisor’s Inside Retirement conference on May 1: people who employ the services of financial planners live longer and enjoy it more than others.
Gaining an education, a penchant for personal initiative and diligent work, coupled with frugal living, he says, advantageously position a person for a long and prosperous retirement.
Better-educated people live longer – a host of research and actuarial tables bear this out. Why should this be? The link isn’t easy to describe, but it is clearly there. It may be that people who are curious about life, whether their interest be culture, mathematics, history or poetry, also know how to find trustworthy information about diet, exercise and quality medical care.
An educated mind is flexible, a valuable asset in most professions. We believe that people who continually develop their minds are essentially positive thinkers, and the upbeat do tend to live longer, whatever the reason. They certainly have the capacity to enjoy those years, too – the extra time isn’t wasted.
This points to a vital task for financial advisors. With clients living longer, we need to help them assure the resources are in place to support a pleasant standard of living. This involves money in hand, comfortable living arrangements, the resources to travel and provisions for healthcare, including the nearly inevitable need for longterm care.
The scourge of Alzheimer’s and other forms of cognitive decline has received considerable media attention and many people are worried. The problem is misunderstood: in fact, the rate of cognitive decline has dropped significantly over the last 50 years. There only seems to be more cases today for the simple reason that the proportion of elderly people in the population has risen so dramatically.
For more, please see:
Increasing The Odds Of High-Quality Longevity | Financial Advisor Magazine