Longevity Risk Planning For A Longer Retirement

Longevity Reality Check

Living Longer, Spending Smarter

Longevity risk planning starts with the reality that many families in Detroit, Ann Arbor, Birmingham, Los Angeles, and Pasadena will spend 25 to 35 years in retirement. MWI Agency models income to cover essentials first, then builds flexibility for travel, family time, and health costs. We align guaranteed paychecks with rising expenses so the plan still works if you celebrate your 95th birthday on Belle Isle or along the California coast. As needs change, we adjust retirement longevity planning to keep everyday bills predictable and discretionary goals within reach.

A man with a backpack is standing next to a lake in the woods.

Planning For Cognitive Changes

Strengthen Finances When Health Shifts

Cognitive changes can complicate even simple tasks. We coordinate with your attorney on powers of attorney and trusts, set up practical account access, and review coverage that helps pay for support at home or in assisted living. With long-term care planning, families maintain control of care choices without draining savings, and loved ones know exactly when and how to step in.

Keep Income Steady When Life Changes

A surviving spouse needs steady income and simple instructions. We document accounts, automate cash flow, and use life insurance planning when appropriate to replace lost pension options or provide liquidity for final expenses. Checklists and contact sheets keep everything organized so the spouse who did not manage finances can handle the next steps with confidence in Oakland County, Grosse Pointe, Pasadena, or Irvine.

Reviews That Keep Your Plan Current

Life changes, and your plan should keep pace. We revisit projections after birthdays, relocations, inheritances, or health updates. MWI Agency confirms beneficiaries, checks RMD timing, and adjusts income sources as needed so the plan remains on track from Metro Detroit to Orange County. A short check-in prevents small issues from becoming big problems.

Frequently Asked Questions

Questions That Real Families Ask

  • What is the most practical way to cover care costs later?

    We compare traditional policies, hybrid life with care riders, and earmarked savings to find the right fit.

  • How do I prepare if I might not manage money in the future?

    We help set up POA, trusted contacts, and bill-pay systems so the plan continues smoothly.

  • What if I need to manage finances alone after years of relying on my spouse?

    We create simple steps and prioritize guaranteed income so daily tasks do not feel overwhelming.

  • Does planning change if we split time between Michigan and Florida?

    We review residency, taxes, and healthcare networks so cash flow stays consistent in both places.

  • How often should we update the plan?

    At least yearly, and after any major event like a sale of property, a diagnosis, or a family change.