Monthly Archives: August 2013

2/3 of all the people who ever lived to 65 are alive today!

This statistic comes from a presentation given by Ken Dychtwald, PhD, of Age Wave at the American Society on Aging 2013 conference that was held this spring.

This statistic is a part of what has caused the longevity revolution. What he meant is that because people are living much longer than they used to, the definition of “old age” is changing. People used to die before retiring so there was no need to worry much about what they would do. But, now, people must figure out what they should do with their “longevity bonus” and how to spend all of this extra time that they now have on earth.

You might think that people are just tacking their bonus onto the end of their life and spending it in retirement. However, it seems that they are redistributing it throughout their life. They are going back to school in their 40’s and then starting a new career, retiring from that new career and then changing fields again. This is unlike the past when people worked their whole life at one career and often retired after working at just one or two companies.

Retirement used to be considered an ending. Now many people consider it a new beginning. It’s a time that’s looked forward to with anticipation by most people. In fact, 91% of people expect to be happy in retirement. However, that expectation only lasts about a year. After that, people begin to think about what they actually want to do with the rest of their life and whether they want a new post retirement career. They also start to have growing concerns about health problems and insufficient savings. And in their late 70’s and early 80’s they come to terms with who they are and what will come.

Finally, Dr. Dychtwald said that, unlike in the past, retirement is a time to build relationships, keep learning, re-career, live with purpose and leave a legacy.

The entire presentation can be seen here and is well worth watching.

For more information about retirement and end of life planning, go to www.diesmart.com.

Access to online bank accounts a problem after death

In the “old days”, a paper trail was usually very easy to follow when someone died. You could find their bank account statements, credit card and utility bills and pension and brokerage account information all tucked away in a file cabinet or a drawer. Then you called the contact numbers provided to notify them about the death.

Today, it’s not so simple.

Many of us do our banking online. All we do is log in, click on those merchants we wish to pay, insert the amount and we’re done. If we want to transfer money or even deposit a check, no paper has to be used. Everything is done electronically.

Bill paying has also gone paperless. I can’t remember the last time I received a bill in the mail. Today I just receive an electronic notification that my bill has been processed for payment.

If I want to know how my portfolio is doing, I log into my brokerage account to check. I no longer get huge stacks of paperwork every month detailing the value of each investment. It’s the same with my pension – I just go online and review the numbers.

This is great except for one thing. It leaves no paper trail for our loved ones to follow when we die. If we don’t keep good records that list all of the accounts that we manage online as well as the passwords and other information needed to access them, they may never be found and some of our assets may be floating around in cyberspace forever.

For more information about how to plan for incapacity or death, go to www.diesmart.com.

DNR order – should your pet have one?

Do you know what a DNR (do not resuscitate) order is? It is a medical document that alerts doctors and other medical and rescue personnel about whether you want them to do anything they can to revive you if your heart stops.

I have been in the local hospital a few times for various medical procedures and am used to the questions that the staff asks before admitting you. And I have a DNR (do not resuscitate) document that I keep on file there. If my heart stops and reviving me will negatively impact my quality of life, I want my loved ones to let me go.

Information for and against human DNRs is readily available on the web and in books; anyone you ask will have an opinion.

However, for pets it’s a different story. Last week I had to take my dog, Suzi, to the veterinary hospital for a minor medical procedure and was given several forms to sign. One of them caught me totally off guard. I was asked to sign either a DNR or an “administer CPR” form for her. I had never thought about a DNR in relation to my dog and didn’t know what to do. I had no idea about how easily a dog’s heart stops beating during surgery and how quickly it’s quality of life will be impacted after that stoppage.

The vet told me that asking for a pet DNR is becoming common practice for many animal hospitals but would give me no recommendation on which form to sign.

When I got home, I got on the web and tried to research a pet DNR to see what the recommended practice is. I could find very little helpful information. I called friends with pets and they had no idea what to do either.

Luckily, the procedure went smoothly and Suzi was fine. But what if there is a next time? What should I do then?

We at Die Smart would love to hear from you with your opinions on this subject. To write a comment or to find out more about end of life planning, including human DNRs, go to www.diesmart.com.