By Ken Morris <\/p>\n
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. <\/p>\n
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. <\/p>\n
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. <\/p>\n
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. <\/p>\n
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. <\/p>\n
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? <\/p>\n
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. <\/p>\n
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. <\/p>\n
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. <\/p>\n
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\nMORRIS: Longevity, medical needs can complicate lifetime plan<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"