This is a guess that is worth looking into.  The average life expectancy for a woman is around 80 years and for a man 73 years.  I’m not certain how useful that information is for a person in their thirties at this point in time because a lot of factors come into play, and the average age of death changes for different generations and by region.  However, generalization being what it is we’ll assume those numbers are reflective of me and my wife.  I have longevity in my family with great-grandparents living into their mid to late 90’s.  Assuming that you’ll not need to spend more on your cost of living than your current income (taking into account inflation!) for some time how much will you need?  Then, on top of that assume that at some point in time you will need medical care or assisted living.  That’s where things get tricky.  If you retire at 65 and you’re doing great for 7 years and then need some sort of medical attention for 5 years, what will you need to have saved up?

The current strategy I am taking is to want to save beyond what I think I’ll need so that I can have enough in case I need more.  I’m also expecting to have money in various investments adding to my wealth during retirement and most definitely maintaining it.  Then if I live to a ripe old age I should be set, and if I live to a younger age hopefully there will be a solid financial base for my wife to live on (for the estimated seven years more) and then even still some money to be given to my daughters and their families.  Not exactly the same as having parents, but a financial gift that should help them gain greater wealth.

All of this brings to mind the carpe diem concept that is so often spoken of by motivational speakers, Hollywood movies and many written sources.  It seems that seizing the day flies in the face of long term financial goals.  How can you seize the day without having your property & possessions seized later?  Living your life to its fullest doesn’t have to mean buying the latest gadget, owning the biggest toys or keeping up with the Joneses - carpe diem means to own the day and to make it a fulfilling day - evaluate your life for what has value and strip out the junk, hopefully making some emotional, spiritual or financial gains along the way, but not blowing things out of proportion in instant gratification.

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