In today’s world, medical technology advancements and healthier lifestyles contribute to increased life expectancy. Recent research suggests that living beyond 100 years is becoming more common, making it essential to adapt our financial planning to accommodate longer lifespans (Kiplinger.com) (Dunham). This is where longlife learning comes into play, ensuring our extended years are not just longer, but richer and more fulfilling.
Why Consider a Longer Lifespan in Financial Planning?
As life expectancy increases, traditional retirement plans, which often assume a lifespan of 85-90 years, may no longer suffice. A significant risk is outliving your savings, especially if you retire at the traditional age of 65. Extending retirement planning to account for lifespans of 100 years or more requires a more conservative and flexible approach, ensuring you have sufficient resources to maintain your lifestyle throughout your extended life (NerdWallet: Finance smarter) (eMoney Advisor).
The Benefits of Longlife Learning
Longlife learning, distinct from lifelong learning, is essential for thriving in an extended lifespan. It involves continuously acquiring skills and knowledge that directly contribute to a healthier, more fulfilling life. The benefits are both personal and professional:
- Enhanced Cognitive Function: Engaging in regular learning activities keeps the brain active and can reduce the risk of cognitive decline.
- Improved Quality of Life: Learning new skills or hobbies can make life more enjoyable and provide a sense of purpose.
- Professional Advancement: In a rapidly changing job market, staying current with new skills can improve job security and open new career opportunities (Kiplinger.com) (Dunham).
Consider the examples of Bill Gates and Warren Buffet, two highly successful individuals who attribute a significant part of their success to continuous learning. Gates schedules annual “Think Weeks” to immerse himself in books, articles, and reports, while Buffet spends a considerable portion of his day reading and learning (Kiplinger.com).
Incorporating Longlife Learning into Daily Life
Integrating longlife learning into your routine doesn’t require a complete lifestyle overhaul. Here are some practical steps:
- Online Courses and Webinars: Platforms like Coursera, TED Talks, and MasterClass offer a wealth of knowledge from world-class professionals.
- Podcasts and Audiobooks: Utilize commute time or workout sessions to listen to educational content.
- Local Classes and Workshops: TAFE and local organizations often provide classes on various subjects, from languages to technology (NerdWallet: Finance smarter).
Starting Longlife Learning Today
To begin, identify a few areas of interest or skills you wish to develop. Here are some steps to get started:
- Set Clear Goals: Determine what you want to achieve with your learning. It could be personal growth, professional development, or health improvement.
- Create a Schedule: Dedicate specific times in your week for learning activities. Consistency is key.
- Seek Resources: Look for online courses, local workshops, and other resources that align with your goals.
Consider the story of Sarah, a pre-retiree who has worked hard all her life and is now looking to ensure that her next chapter is not only successful but also active and fulfilling. By embracing longlife learning, Sarah takes French lessons to enrich her travel experiences, attends cooking classes to improve her family’s health, and takes up golf to enjoy her favorite pastime with friends and family.
Core Values for a Longer Lifespan
Understanding the core values necessary for a longer lifespan is essential. These values form the foundation of a fulfilling and healthy life, especially as we age. Some of these core values include:
- Continuous Learning: Longlife learning keeps the mind sharp and opens up new opportunities for personal and professional growth.
- Physical Health: Maintaining an active lifestyle and healthy habits is crucial for longevity.
- Emotional Well-being: Developing strong relationships and a positive mindset contributes significantly to overall happiness and life satisfaction.
Longlife learning is one of these core values. It’s not just about acquiring knowledge but also about staying engaged with the world, adapting to changes, and finding joy in new experiences. Incorporating longlife learning into your longevity plan ensures that you are not just adding years to your life but also life to your years (Pension Research Council).
Connecting Longlife Learning with Financial and Longevity Planning
Understanding the relationship between longlife learning and financial planning is crucial. As we live longer, it becomes essential to not only plan for financial security but also ensure our extended years are fulfilling and healthy. This means creating a longevity plan that incorporates continuous learning, staying active, and maintaining a positive outlook on life. Importantly, personal and financial goals are not separate; they reflect your aspirations and values, forming an integrated plan for a meaningful life (Dunham) (Pension Research Council).
A proactive approach to financial planning should include considerations for longlife learning expenses, healthcare costs, and lifestyle adjustments that support a longer, more active life. Partnering with a knowledgeable Perth Financial Advisor can help create a family wealth management plan tailored to these needs. At Real Life Financial Planning, we emphasize the importance of planning for these additional years to ensure they are the best years of your life.
Longevity Plan
Ready to take the next step in planning for a fulfilling, extended life? Complete our Wealth Check to discover your vision for your new chapter of life and learn why you need a longevity plan, not just a retirement plan. Remember, it’s not just about having enough money, but about making the additional years your best years yet. Contact us to make a start on preparing your longevity plan today.
“In a world of change, the learners shall inherit the earth, while the learned shall find themselves perfectly suited for a world that no longer exists.” ― Eric Hoffer
Start your journey of longlife learning today and ensure your extended years are filled with growth, fulfilment, and joy. What did you learn today? Let us help you make the most of your future.
General Advice Disclaimer
Please note, the information provided herein is general in nature and does not take into account your personal circumstances. It is not intended as legal, tax, or personal advice. Always seek personalised financial advice to ensure that your financial plan aligns with your unique situation and goals.