At ages 65 – 80, the "Go Go years", people may have already decided to retire. If their health is good they may still be working with no intention of retiring. Once people arrive at the point of retirement, the focus shifts to income planning and life planning. The topic of making sure we don’t outlive our money is revisited often. When entering retirement many people will address long term healthcare issues if they haven’t already done so. The focus of this care planning seems to be changing to more home care and less institutional (nursing home) care. People in the retirement years typically take a new view of their assets and how things will unfold for the rest of their lives.
At ages 80 – 90, the "Slow Go years", these folks have probably started slowing down a little. Perhaps a few less trips to see family, and days spent in a routine. The emphasis for these people tends to turn to financial security and stability. Some of these folks prefer to meet with Troy in their homes, with their family members present. Things are “real” for the people in this group. They want assurance that the plans they laid in past years can be carried out successfully.
Ages 91+, this group has exceeded the average life expectancy of others in our culture. This is the group most of us strive to eventually be in. We can probably all think of a friend or family member who thrived at this age. Because so many of us have the potential to get here the concept of not outliving our money is very important. You can be on the road to being financially stable at later ages with solid planning and a dose of conservative assumptions.