Ah, if only it was that easy.
I try not to take myself too seriously (oops, too late), but if I screw up the financial planning during the next 20 years then I'll be very angry with myself in 21 years. I can see the humor in your comments, but let me treat them as they could have been meant...
Piece of Cake! - You'll be dead by the time you reach 110.
I might be! But that's not the purpose of financial planning-- it's for the (very small) probability that I'll be ALIVE by the time I reach 110.
By then spending it will be more difficult than hanging on to it! - Have you people ever seen someone that is 90 years old!
I've seen a lot of 90-year-olds. I'm descended from two of them (grandparents) who were quite physically active. The other two grandparents went by accidents and my mother died of breast cancer-- not my risk factor. My father's only 70 and he still hikes the Rockies 40-50 miles/week. So before thousands of AARP members hurl their invective upon you, take a look at the NSGA Hall of Fame--
http://www.nsga.com/Merchant2/merchant.mvc?Screen=CTGY&Store_Code=NSGA&Category_Code=HOF . It lacks a longboard category, but if Aileen Riggin Soule could join then there's a chance that I can too. And I'd be interested in your thoughts on the books "If I Live to Be 100: Lessons from the Centenarians" or Roy Walford's "Beyond the 120 Year Diet: How to Double Your Vital Years".
As for infirmity or senility, I wish you could have seen my grandfather during his last 15 years-- but maybe you know someone like him. He was fully in dementia from his early 80s but I believe those began the happiest 15 years of his life. He wasn't aware of his condition because he certainly didn't know that he was no longer the person he used to be, but all of his long-term memories were intact and he loved remembering them. He still had his sharp wit but he also developed a great personality and a much more playful side that I'd never seen before. I guess Ted would be appalled at his lack of productivity but I had more fun with him during his last 15 years than we did during my first 25.
I think I have to play the life game as though genetics, health, and medical technology are on my side. I ignore them at my peril-- I want to be as worn-out at 120 as some people are today at 70. And before anyone drags up canards about cybernetic lifestyles, I'll point out that Helen Keller, Doug Bader, Roy Walford, & Stephen Hawking lived/live very fullfilling lives.
Spending it at 90 won't be any challenge-- it's horrifically expensive to support a staff of expert caregivers. At that point in my life I want more choices than to just say "Well, the first 80 were pretty good. Now, honey, where's that 9mm LTC policy you've been saving for me?" I'm not asking for concensus, but I'd be more than happy to put anyone's leftover funds to work when they're done with them. Or is that how Medicaid's supposed to work?
Get a grip - you're not going to live forever!
I'm not planning to live forever, and no doubt my spouse isn't planning for me to live forever either. But as th has pointed out before, it's not that difficult to design a portfolio that can live longer than we will. I want the final 20 years to be as enjoyable as they can be-- and I can't negligently jeopardize that. Luckily, most of the things that I regard as "fun!" are actually good for my health.
Here's a metaphorical financial-planning tale from my father-in-law, who worked at CBS and had to listen many times to this old radio veteran's story. The veteran was sitting in some Podunk's broadcast booth in the 1940s where it was his job to give the time-of-day announcement. He was kicked back in his chair with his feet on the desk, reading the sports pages and keeping an eye on the clock, when the janitor came into the room and started mopping the floor. A few seconds later as the second hand reached the top, the announcer leaned over to the microphone and did his duty: "This is CBS Radio-- the time is now 10 o'clock." Then he clicked off the mike and started reading again.
The janitor observed the performance and asked "Is that your job?"
The vet replied "Yep."
The janitor said "Don't **** it up, man."
- They had more on paper, but never realized the gains. - Truly sad.
