Wealth of Wisdom

CHAPTER 25Building a Smart Aging Plan

Susan Hyatt

We are in the midst of a longevity revolution. Baby Boomers are hitting retirement age in ever-increasing numbers. We are living longer and getting older. Once we retire, we may live another 35 or 40 years. Have you considered what it means to live and age well post-retirement?

Jane Fonda, the well-known American actress, coined the term Third Act to describe the last three decades of her life. Now in her 80s, she views her life in 30-year blocks, recognizing that she changes her views as she gets older. She summarized her research and thoughts in a TEDx Women Talk (New York 2011).

How do we envision our own Third Act? Most of us would probably say we want to live well with purpose and live life on our own terms—safe, secure, and independent. The key question is how do you plan to get there?

How do you want to live well at 80 or 100 years of age?

Your family's financial success has been built on your ability to see ahead, plan, and manage ahead. These same insights apply equally to creating a plan for your own Third Act. In the same way your chief financial officer (CFO) or family office manager takes a coordinated approach to your family's wealth, a smart aging advisor takes an integrated approach to your life, health, and well-being. How will your financial resources be used to support your plan? If you become ill and unable to speak for yourself, who will make decisions about your physical and emotional needs? What types ...