If you knew you were going to live to be 100 would you spend your money differently?

Even though there are people who do not make it to the century mark, there are many people who do and are in a good enough state of health that they want to continue to participate in their favorite activities.

Depending on your lifestyle now you may live a longer life than you are planning for. If you plan to work until you are 65 but live until you are 85 or older you might not be saving enough money to take care of your needs and wants. Most people who are older already have their homes paid for and get some discounts for certain utilities, but people still need to eat, may need to take maintenance medications and want to participate in social activities. Even if you are going to the corner coffee shop once or twice a week, you still need to pay for some things.

According to the Living to 100 Life Expectancy Calculator, my life expectancy is supposedly 96. That means that I would have to reconsider the amount that I save. I do save a considerable amount but some hobbies and pastimes may require more money. By making a few minor changes in my diet and activity patterns I could add an addition 6-7 years to my life. Hmmm. In that case I haven’t reached middle age yet so I still have a bit of time to save money.

Let’s say I considered saving enough money for a average expectancy of 80 years that would mean that the two decades or so of my life might leave me in the poor house. At the average retirement age, it would take some diligent savings and planning for people to still be able to live out the rest of their lives on comfortably on their savings and investment.

Let’s say you are managing on $25000 a year for expenses, utilities and savings currently. Once your housing is paid for, there is still a need for utilities, maintenance and other expenditures. Even reducing that amount to $20000 or even $18,000 annually would you be able to have an additional three quarters of a million dollars saved and invested to carry you through your golden years? That’s not including any expenditures such as vacations, long term health care such as a nursing home or retirement living.

Even if you don’t live to 100, it is good to have a different perspective on how your lifestyle can affect your overall financial picture and goals. Planning for retirement and a life after a career or a life filled with activities can be made easier if you have an idea that you might live longer than you anticipated. No one ever complained bout having too much money in retirement.