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Is Life Expectancy Part of Financial Future Planning?

Man looking frustratedOur financial future depends on how much we prepare in the present situation. How much we put in today determines how big we can pull-out down the line when needed. If we save up just enough, we will have just enough to get by. Same goes for saving too little and too much, that attitude will yield either too little or too much at the time we need to use them.

Of course by nature, we would want to have a little extra and not live with a shoestring budget during retirement. Not having enough funds to retire on  might even force you out of retirement and back to a 9-5 job just to pay for the living expenses. This is not something you would want to happen and something you must strive to prevent this from being a reality in your financial future.

As human beings, there is another factor that we need to consider that can greatly help us in planning for our future. It can help determine the amount of funds we would need to save up on and how long we need to save to achieve our goal. If taken in with a positive attitude, it can steer us in the right direction and actually help us plan better and wiser for the future.

Life expectancy in financial planning

Mortality is a fact of life. It is a destination everyone will get to sooner or later. And this is a reality that we are all familiar with. Life expectancy should be part of our own financial planning but only to improve it and not to justify lax and subpar attitude on planning for the future. It should inspire us and drive to us to do more.

In an article published by, they reiterated that even the British government are counselling pensioners on life expectancy to give them a hand in managing their savings and financial future. This is an attitude we can adapt in the US for the benefit of managing finances and planning them wisely.

As reported by, the average retirement age is at 62 and about 6,000 Americans turn 65 every day. But what is troubling is the fact that about 36% of the retirees did not prepare for life after employment. They do not have any savings that can help then in living a comfortable retirement period.

There are ways to living a happy financial life and there are also smart ways to ensuring that you are able to carry this over  your retirement. Here are some ways life expectancy should work for your financial benefit:

Plan positively

Planning for your future around life expectancy is better with positivity in mind. Plan for the long haul and you would end up with more than what you need. According to, the life expectancy is at 70 years old in  2012. Practical people would plan until 70 years old. Pessimists would work on an even shorter time period. But the best thing to do is to plan as if we will until 90 years old.

The benefits of taking on this mentality is simple – the longer you plan ahead, the more you will have down the line. It gives you access to more than enough funds and enable you to live comfortably. One advantage of doing this is living a with minimal stress. It is very hard to think about financial future and how you are going to pay for bills and other living expenses when you are already retired. The stress will not do your health good and can even shorten your life expectancy than the global standards.

Start early

The earlier you start saving, the more you will a better financial future. Imagine having this attitude during college? What if you started saving during high school? What if you already have some savings tucked away during grade school? What if you had a piggy bank when you were young meant as a retirement fund? If you did not start at any of these stages, you need not worry because you can still start now.

If you already have kids, saving is a great family activity! You can lead the way and give every member of your family a piggy bank to work on. You can even set goals every week or month and have small prizes to give out especially to kids. This can motivate them and instill that attitude of saving up while they are young. If they carry this until they grow-up, then they are going to have an easy and enjoyable retirement.


Being realistic and knowing the family background can help you prepare as well. It gives you a glimpse of what is hereditary in your line so you can prepare. If diabetes is dominant in your family tree, then you can work your lifestyle and plan your financial future around that disease. As most people say, prevention is better than cure so keeping a healthy lifestyle is should work wonders for you.

Keeping fit and healthy is an investment on its own. It may not quantify directly into dollar accounts in your bank account but it will help you get a quality way of life. Visit your doctor and have an annual check-up to be on top of your health and keep track of creeping problems you can address right away.


Keeping in mind how much you want to leave behind to your family is an important factor in knowing how much you want to save and acquire. If your long term goal is to secure a house for your kids, then you must include this asset in your financial plans. If you are more inclined into investments and would want specific investment options left for the family, then planning your financial goals around this early on can benefit you and the receiver.

Forward planning and knowing what you want to leave behind would give you a goal to work on. It is always better to work on something with a specific target in mind. This puts more focus on your finances and can help you steer back in the right direction when you lose your footing and wander off the target.

States to retire on recently released an article, based on Bankrates’ ranking, of the 10  best states to retire on. This could also play a critical part in planning your financial goals around retirement. If you already know the standard of living of the place you will eventually retire on, it gives your financial plan a more concrete number to target.

According to the survey, Mountain and the Midwestern states are on top of the list. South Dakota taking the top spot with Wyoming and Nebraska in the middle rounded up by Virginia as number 10 in the list. These places are frequented by retirees for a number of reasons that are practical and fits right in to their financial future planning.

What most retirees look for are the following:

  • Tax. State and local tax fees are on top of the list of retirees. This is crucial considering that they all live on fixed income. Their take home will mean a lot and dictate how they live their retirement years.
  • Health care. Quality over quantity is what should matter to your when planning where to retire. This is also an integral part of your financial planning and should be considered right from the beginning. Ease of access to quality health care should also be looked into.
  • Living cost. The standard of living should be less than or equal to your capacity to pay. If it is more than what you can afford, you will burn up your retirement fund sooner than you expected and problems will start to creep up.
  • Crime rate. At this point, you would want to reside in a peaceful and quiet place. You want to have the freedom to walk on the streets without the fear of getting mugged every night. Check the crime rate and the lower they are, the better the place to retire on.

Here is a video that explains some mistakes retirees make:

Life expectancy should be factored in when putting together your financial plans only if it will be beneficial to your objective. If factoring in this detail would make you work less than you should and take away your drive to strive harder, it is better to not think about life expectancy at all. Work with details that will work to your objective and not the other way around.

3 Facts About College That Will Set Up Your Financial Future

student holding a past due envelopIf you want to keep college debt from crippling your financial future, you need to make sure that you will act appropriately while you are in still in school. Some people make the mistake of partying all the way through college and end up living like a student on a limited budget once they start working. That is because they are already paying for the financial mistakes that they made in the past.

Study shows that what you do in college will affect your life

What you do in college have serious effects to your future. In fact, conducted a poll survey that proved how a students life in college affected them after graduation. It is interesting to note that your level of work engagement and your overall well being will be affected by how you acted back in college. The bottom line of the study revealed that college graduates would have been more engaged with their work and thriving in various areas of their well being if:

  • Their school prepared the for life after graduation
  • Their school were sincerely concerned about the long term success of students
  • They had a mentor in college, had a professor who got them excited about learning and cared about students as a person
  • They had an internship in college, active in extracurricular activities and worked on a project that took the whole semester or more to complete

3 important truths about college life and your future financial standing

From the above study emerges three important truths about your college life that has a significant impact on your financial future. Let us discuss them one by one.

Where you graduate is not important.

An article published on the revealed an interview with Laszlo Bock, the VP of Google that is in charge of hiring people. He mentioned that the GPA and the school were a graduate came predicts nothing about how they will perform in the company. In fact, there is a growing number of people in the company that did not have any college degree. While good grades are still important, they have observed that it is not the defining factor that will make a graduate successful. What is important are the skills that the student will get from their school. That being said, you should know that you can come from a community college and avoid high student loans and still be successful in big companies like Google.

What happens to you in college will set you up for life after graduation.

In connection with the previous, the Gallup study revealed that it is experience and skills that you will get from college that will define your success in your work. In effect, that will have a profound impact on your earning potential. Business owners are attracted to people of skill, not those who graduated from Ivy League schools. If you tap into the right influences like a mentor and social skills you get from extracurricular activities, you will find yourself more engaged to your work. The dedication that you will display can be evident in your output and that will make you shine in your work.

What you spend in college will come haunt you after.

This is not really directly indicated in the Gallup study but considering that we are trying to identify the factors that will affect your financial future, we need to incorporate this fact. It can be logically assumed that student loans, credit card debt – these will haunt your paycheck for the next few years – even a decade. You need to be careful about how you will use them or if you will use them at all in college. According to an article published on, the higher your student loan debt, the more of your lifetime wealth will be compromised. Instead of investing the money you get from your paycheck, you have to share that with your payments. This is true for both student loans and credit card debt.

Financial practices of a college student to set them up for success

Given the truths that we just discussed, you have to consider how your financial practices in college should be implemented to set up your future correctly. You can influence your financial future even as early as your high school days. If you start saving your college to avoid student loans, that will start you up on your personal wealth early in life.

But even if you failed to start while you were in high school, you still have time to correct your finances when you reach college. Here are 5 things that you can do to take care of your finances as early as now.

  • Implement a budget plan. Regardless if your parents are supporting you 100% or not, you have implement a budget in your life. This is a habit that you will need until the very end. It will help you reach your financial goals and more importantly, it will keep you from debt. Most people live on a limited income and a budget plan will allow you to point out the expenses that you need to prioritize. It will help you make smart choices about your money while in college.
  • Learn about your debts. This is true for both student loans and credit card debt. A secure financial future does not necessarily mean you do not have debt. It means you may have debt but you have full control over it. Not only that, it also means you have a backup plan in case your main source of income is compromised. To create this plan, you need to understand your debts thoroughly. Your ignorance might lead you to make mistakes that could have been avoided if you only researched about your debts.
  • Reserve your credit cards only for emergencies. Student loans are bad enough and your financial future will be much worse if you combine it with unnecessary credit card debt. You can understand how this can jeopardize your financial future. Keep your debts low and if you have to use a credit card, make sure that you have a plan to pay it off before the grace period ends.
  • Get a job. If you need to get money for your college expenses, do not use your card or go running to your parents. Get a job and finance your own expenses. Not only will it teach you to be self-reliant, it will also give you the skills that will prove to be helpful when you start applying for a job. Remember that internships and skills are major factors that Gallup mentioned you need to be engaged and thriving in your future life.
  • Live a frugal life. When you are a student, you get all sorts of discounts. Make sure that you source these out so frugality will not seem restricting. If you learn about the true practices of frugal living, you will realize that it is not about deprivation. It is learning how to have the things that you used to enjoy without spending too much for it.

Statistics show that college graduates enter the corporate world with a lot of regrets about life. You do not have to be part of this statistic. Make sure that you will learn how to set up your financial future so it will be poised to grow exponentially. If that means you need to stay away from student loans, then you should know that your skills and college experiences are more important than the expensive colleges that are popularly preferred. The quality of college education is important – not where you got it.

In case you need help with your student loans, National Debt Relief has a program that can provide you with consultation services. Their trained experts can advise you about you student loan repayment options based on the type of debt that you have and your employment situation. They will even help you with the paper work involved. This service has a one time fee that will be placed in an escrow account. When you are satisfied with the service and the documentations done on your behalf, that is the only time the fee can be released. There is no upfront or recurring maintenance fee.

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