Weekend Reading: The Math of Life – And the Future of Financial Planning

This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.
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Weekend Reading

As referenced by author Bob Goff, 27,375 is the average number of days a person will live over their lifetime. If you do the math, you can (roughly) estimate the number of days you may or may not have left. How will you spend them?

The power of intentional financial planning: Rather than seeing this calculation as morbid, think of it from a purpose-perspective. What will make this time meaningful, joyous and impactful? In the realm of your financial plan, your advisor should thread the answer(s) to this question throughout every area of your retirement portfolio. As we like to call it, this is your L.I.F.E. Plan.

Pinpointing your why: Analyzing the non-financial areas of your life (relationships, wellness, work and interests) will reveal a consistent theme of who you are, what values you hold and what brings you meaning in life. While a financial advisor should certainly focus on how to most efficiently secure and grow your lifelong savings, they should also ensure attention is delivered to these areas as well.

Beyond dollars: Your net worth isn’t a scorecard, it’s a tool to living a fulfilling life. Don’t put the value of your financial plan on the wrong side of the proverbial balance sheet.