What if we lived forever?

This article was originally posted on www.rebeccapritchard.com.au

In the Justin Timberlake movie In Time, he lives in a world where people are genetically engineered to stop ageing at 25, illness is eradicated, and the affluent can bargain for extra years of life.

“Time is now the currency,”

says JT’s character Will Salas.

“We earn it and spend it. The rich can live forever.”

While we’re not there yet, the idea of a world where only accident or violence could turn out the lights is not inconceivable.

Meanwhile, with our lifestyles and healthcare, Australian millennials could easily live past 100.

This sounds like good news, but there’s a flaw.

We shape our plans towards retiring at 65 with around $1 million of assets. But if we want to keep up our good standard of living, this means we need to drop dead by 75.

Instead, if we want to live a decent life past 100, we’ll need at least $5 million.

So basing our plans on today’s social norms will f**k us over.

We urgently need to question our assumptions, get rid of old models of how and when to do things, and make some financial changes to cater for living longer, now.

Outdated assumptions

Time is a concept that impacts so much of our decision making, and so much of it comes from the patterns of the previous generation.

A classic view of life is that you spend your teenage years at school, then you f**k around in your 20s trying different jobs, locations and travel. You sort your shit out in your 30s, get stuck in ‘parent mode’ in your 40s, and in your 50s you think about ‘winding down’.

In your 60s you do just that. In your 70s you’re ageing. And in your 80s you die.

One of the reasons it took Eric (my high school sweetheart) and I so long to get married was because we felt we had to do ‘all of these things’ first. And now we’re thinking of starting a family in a few years, and we keep asking,

‘What do we need to get done before that?’

It’s similar to how our generation is always saying, ‘I’ll go to London for one year and come back and grow up’.

But why are we so fixated on such short, urgent timeframes?

Can’t we still travel later in life? What’s the urgency to get back and get a 9-5 job if we’re going to live past 100?

As millennials, we have time, money, opportunities and mobilisation.

Aside from having children, which for women is still in a more restricted window, most of these factors come together to mean we have completely different options available to us than previous generations.

So we shouldn’t be following in their footsteps.

Read the full article on www.rebeccapritchard.com.au.

 

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Disclaimer: Information contained within this article is of a general nature. Do not be rely upon it when making financial decisions. Please consult a professional financial advisor or planner (like us!) before acting.