Jun 23, 2026 · 15 min · 7 segments
Are you planning for a longer life—or unintentionally planning to run out of money too soon? Mike Canet and Ryan Herbert explore the growing impact of longevity on retirement planning and the balance…
Mike CanetGuest
Ryan HerbertGuest
Randy CookHost
But it does raise the question about longevity, right? I mean, you know, with science being the way it is and with medicine being the way it is, and especially with the information that's out there for the consumer.
know people are taking a little bit better care of themselves not everybody but people are taking care of themselves a little bit better and we are seeing people living longer certainly into their late 80s and early 90s if not 95. so i think the longevity issue is is so important and that people frequently overlook and they overlook it from two different perspectives one they worry about living too long and running out of money so they're afraid of spending money today so that's a problem that's a problem to itself and then they worry about i'm not going to live that long so i spend all my money now or i don't plan on living to 95 and that's a problem as well because if you're 60 or 65 years old and you think you're going to die at 80 and you plan on spending your money and living a life that you only need money till you're 80 and you live to 85 or 90 or 95, you probably have a problem.
Conversely, what you don't want to do is not intentionally not spend money at 65 just so you can have money left over at 95 because if you die at 80 and you have $5 million left over at 95 because you chose not to do the honey-do list, the round-to-it list and the bucket list, that's just as much as a problem.
And the conversation really revolves around, let's talk about you and your particular health habits.
What does your diet look like? What's your exercise regimen look like? To some extent, the happiness factor, right? I mean, are you happy in your marriage? Are you happy? Do you have family in your life? I mean, one of the reasons why people say get a dog as you get older is that pet, you know? It makes a difference.
So the conversation really does need to examine when you're putting together that plan and you're thinking about what retirement's going to look like, you really do need to explore the longevity side of it and how are you going to make sure that we have enough money to get us through the longevity, but not in such a fashion that we don't do the things that we can do when we're 60 and 70 and maybe into your mid-70s, late-70s when you can still be active Because you're so afraid of not running out of money.
And to me, that's one of the key factors of why you hire a financial planner in the first place.
It's somebody to provide you that guidance on here's the different iterations and here's the different ways to solve, you know, to address the problem, but also to solve the problem so that you can live better.
the retirement that you want from 60 to 70, and you can have the retirement you want from 70 to 80, then 80 to 90 and 90 to a hundred as the case may be.
But to me, it's really just having that conversation and having a plan in place to make sure it all fits accordingly.
Mike, if you, if you have that longevity in your family, you say, Hey, my dad is 80, 95 and he's still living.
Some of you sit down with somebody like that and you, They look at you and say, if I live that long, what does my retirement plan look like? I need more money.
Do I need more risk? Do I need to put more money in the stock market in Bitcoin and hedge funds and stuff like that in order to get that bucket of money that I'm going to use in 85 to 90 to 95? Is that the answer to this?
But it does raise the question about longevity, right? I mean, you know, with science being the way it is and with medicine being the way it is, and especially with the information that's out there for the consumer.
know people are taking a little bit better care of themselves not everybody but people are taking care of themselves a little bit better and we are seeing people living longer certainly into their late 80s and early 90s if not 95. so i think the longevity issue is is so important and that people frequently overlook and they overlook it from two different perspectives one they worry about living too long and running out of money so they're afraid of spending money today so that's a problem that's a problem to itself and then they worry about i'm not going to live that long so i spend all my money now or i don't plan on living to 95 and that's a problem as well because if you're 60 or 65 years old and you think you're going to die at 80 and you plan on spending your money and living a life that you only need money till you're 80 and you live to 85 or 90 or 95, you probably have a problem.
Conversely, what you don't want to do is not intentionally not spend money at 65 just so you can have money left over at 95 because if you die at 80 and you have $5 million left over at 95 because you chose not to do the honey-do list, the round-to-it list and the bucket list, that's just as much as a problem.
And the conversation really revolves around, let's talk about you and your particular health habits.
What does your diet look like? What's your exercise regimen look like? To some extent, the happiness factor, right? I mean, are you happy in your marriage? Are you happy? Do you have family in your life? I mean, one of the reasons why people say get a dog as you get older is that pet, you know? It makes a difference.
So the conversation really does need to examine when you're putting together that plan and you're thinking about what retirement's going to look like, you really do need to explore the longevity side of it and how are you going to make sure that we have enough money to get us through the longevity, but not in such a fashion that we don't do the things that we can do when we're 60 and 70 and maybe into your mid-70s, late-70s when you can still be active Because you're so afraid of not running out of money.
And to me, that's one of the key factors of why you hire a financial planner in the first place.
It's somebody to provide you that guidance on here's the different iterations and here's the different ways to solve, you know, to address the problem, but also to solve the problem so that you can live better.
the retirement that you want from 60 to 70, and you can have the retirement you want from 70 to 80, then 80 to 90 and 90 to a hundred as the case may be.
But to me, it's really just having that conversation and having a plan in place to make sure it all fits accordingly.
Mike, if you, if you have that longevity in your family, you say, Hey, my dad is 80, 95 and he's still living.
Some of you sit down with somebody like that and you, They look at you and say, if I live that long, what does my retirement plan look like? I need more money.
Do I need more risk? Do I need to put more money in the stock market in Bitcoin and hedge funds and stuff like that in order to get that bucket of money that I'm going to use in 85 to 90 to 95? Is that the answer to this?
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