By Ken Morris

When I launched my career in the financial services industry, the primary tools needed were a pencil and a calculator. I vividly remember the advent of technological breakthroughs such as the Osborne computer. It looked something like a sewing machine and had a screen about the size of todays iPads.

I also recall purchasing an IBM computer with not one, but two floppy discs. Getting caught up in the fad, I permitted myself the luxury of an amber monitor instead of the traditional green. Like the rest of the world, technology has significantly changed the financial services industry.

Recently, someone asked me what has been the biggest change in the financial industry over the course of my career. Technology has obviously brought about considerable changes. But setting that aside, I believe the most significant change has been the need to include longevity and medical considerations into the financial equation. Let me explain.

For a married couple aged 65, statistics show that there is almost a fifty percent chance that one of them will live to the age of 92. People are becoming more and more aware that theyll likely live longer than their parents.

As a result, this projected increase in lifespan has caused people to wonder if their money is going to last as long as they do. In other words, increased longevity has forced a merger between financial planning and medically related issues.

Take housing, for example. Where are you going to live in your retirement years? Will you downsize to a smaller home? Move into a condo? Stay right where you are?

The answers to these questions are irrelevant if certain medical issues arise. Then the decision process might include discussions about active senior communities, in-home care, long-term care and nursing homes. Note that all of those discussions have financial ramifications.

Medical spending has indeed become a part of the financial planning process. For example, financial discussions with many of my clients include mention of Medicare and Medicare supplemental programs.

In other words, realistic people understand that, since the retirement years can easily represent one third of a persons life, financial issues and concerns will bump heads with their pocketbook quite a bit over their expanded retirement years.

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MORRIS: Longevity, medical needs can complicate lifetime plan