Health concerns are important in your overall Financial Planning.
Your Lifetime Spending will follow a standard pattern.
We call the 3 stages:
GO GO, SLOW GO, NO GO
The early years, your lifestyle is active. Your GO GO stage. You travel and do more activities. The spending will increase with your new found free time after retiring.
Later, the activities slow down. The SLOW GO Stage. The spending will also decrease. The “Been There- Done That” senario.
Lastly, you will, for primarily health reasons, enter the NO GO stage. Because of age and/or mobility issues, you will not be doing the number of activities that you have done in the past. Also, this stage often sees Memory problems occur. This stage is expensive. You may need to have someone do the services for you that you normally would have done yourself.
We consider all 3 stages when working with clients.