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Consider Your Legacy While Planning for Retirement

Are you financially prepared for your later years? In The Longevity Code, Dr. Kris Verburgh explores steps we can take, such as prioritizing smart nutrition, to live healthier and longer lives. As a financial planner, I would like to add the question: Will your retirement portfolio support you past 100 years old? Dr. Verburgh agrees, saying, “The future generation of retirees will need to think in terms of not one but two or three periods of retirement events.”

With this information, we need to reframe our goals and consider our long-term legacy while planning for retirement. A good place to start is to develop a plan that not only focuses on your finances but also accounts for your education and social capital as important aspects of your legacy.

When planning for retirement with legacy in mind, you should consider separate funds for your intellectual, social and financial capital.

Intellectual Capital

In today’s digital world of artificial intelligence, blockchain and automation, it is beneficial to stay knowledgeable on technological advancements. As part of your retirement goals, you should have an intellectual fund to cover educational needs for you and your family.

A key component of your children and grandchildren’s education that you can support is to share the value of money. An article with specific tips on sharing the value of money with your college graduates can be found here.

Social Capital

Your social capital is how you want to impact the world in a positive way. In your retirement planning, you should allocate resources (time and money) to share with your community with your cause in mind. Whether you are passionate about devoting resources to the environment, homelessness, human rights, animal protection, children’s education or a different worthy cause, the important thing is to be purposeful when planning. You can also assign a portion of your retirement portfolio to impact investing. Impact investing funds allow you to contribute your money to a good cause, while also growing your portfolio.

Financial Capital

Your financial capital is the amount of savings you need for necessities, as well as to fund hobbies or passions. You may discover a new passion or embark on a new entrepreneurial journey in your 60s, 70s or 80s. In fact, the average age of a Nobel Prize winner is 58. To maintain savings past 100 years old, you need to be disciplined with spending, understand your options to grow your savings through investment funds while minimizing taxes and maximize asset protection.

An important step in creating the right financial plan for you is to align your values and your finances. A CFP® professional can help you create a financial plan that balances retirement savings with other financial priorities.

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Retirement Planning Legacy Planning Socially Responsible Investing Education Savings Higher Education Financial Planning