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A12 BUSINESS
Wednesday 31 January 2024

Millennial Money: The 4 longevity

questions you should ask your financial

planner

By KATE ASHFORD of Nerd- long as you do. Here are assumptions you’re mak-
Wallet the questions to ask your ing. You can explore vari-
Only one-third of men cor- adviser. ous scenarios together and
rectly estimated how long 1. WHAT ARE YOU USING AS decide what makes the
a 60-year-old man in the MY LIFE EXPECTANCY? most sense.
U.S. could expect to live, No one can know when “If you’ve got longevity in
according to a 2022 TIAA they’re going to die, but your family, let’s boost it up
Institute survey. And fewer your health and family his- to (age) 97 or even 100,”
than half of women got tory can help your planner says Timothy Knotts, a CFP
it right for a 60-year-old make a good guess. How in Red Bank, New Jersey.q
woman. long did your parents live,
Advisers call this under- or your grandparents? Do
standing how long you’ll you have any health con-
live in your retirement years ditions?
longevity literacy. It’s a “I’ve started, a few years
crucial part of your retire- ago, asking a lot of health
ment strategy, and it’s im- questions of my clients,”
portant that you and your says Mitchell Kraus, a cer-
financial professional are tified financial planner in
on the same page. You Santa Monica, California.
should be talking about “They should let their ad-
things like what your plan- viser know of any health
ner is using as your life ex- concerns that might cause
pectancy, how you’ll cov- their life expectancy to be
er future health care costs shorter.”
and whether you need to Planners often work with
account for any spending software that can model
related to aging parents. what will happen to your
Getting this right means finances if you die at dif-
your money will last for as ferent ages, based on the