One of my last two classes at the University of North Carolina Greensboro’s Master of Science in Gerontology program is a necessary doozy: Financing Longevity. In any normal set of circumstances, I would steer clear of any studies involving finance because I, 1) hate math 2) am afraid of numbers and 3) revile anything that involves spreadsheets or calculations or digit reckoning of even the smallest amount. Basically, financial stuff freaks me out and I am most grateful to be married to a banker who has a much different relationship with numbers.

Here’s the thing though — as a 53-year-old woman with a lot of living to do in my second half, I need to freaking get over it already. We all do. We must. Because aging is expensive and something that requires realistic planning, honest conversations and yes, an accounting and acceptance of how much it all costs and how we will pay for it. Not doing so is perilous. Stupid. Inconsiderate. A real a-hole move.

If this is you, (like me!) don’t despair. The good news is, there are a lot of professionals and tools and resources out there to help show us the way. I thought I’d share some material from my Financing Longevity class that we can reference and mine for reassurance and direction. These links are included at the bottom of this post.

But first let me share my simpleton, not-math-savvy suggestions. It’s a short list and it’s going to be a lot more time-consuming to accomplish than it looks, but I humbly believe these inputs and steps are the framework for the more complicated financial equations. This is a dum-dum’s approach to not making a-hole moves financially during life’s second half. I have published these in my book, Algeri-bra:10 Financial Moves to Make Your Grand Planning Great. Short and sweet. On that note, here are the steps, with a few important additions…

1. Put pen to paper! Account for your current assets and income, savings, 401K, pension, Social Security etc….it all starts with a list (and a calculator!)
2. Project your future income and expenses.
3. Investigate long-term care insurance options.
4. Get knowlegable on government programs and public resources.
5. Consider your financial legacy and what that means to you and your family.
6. Find a reputable financial advisor and get busy with a plan.
7. Consider bringing a daily money manager onto your team or working with a private banking service at your financial institution.
8. Find a good elder law and/or estate planning attorney and get legit about the financial plan you have set in motion.
9. Talk to your lawyer and financial planner about how annual gifting, revocable/irrevocable trusts can benefit your grand planning financial strategy.
10. Talk to your people about all of it…a lot.

And here is a bit of an addendum:

1. 70 percent of us will need long term care during our adult lives. 70 percent!!! That’s most of us! Figure out now how your finances align with the most-probably-will-happen expense of long term caregiving. For example, if you are determined to stay in your home but need 24-7 in-home care to assist with your activities of daily living, you will need to make sure you have enough to pay someone $30 per hour for 24 hours a day, which — I know I’m bad at math, but I can calculate this gobstopper — is close to $250,000 a year.
2. Do a deep dive into how much it will cost you to live somewhere. Research all the options. Know the market. Run and compare the numbers as horrible as that sounds. Know how much it would cost you to invest in a Continuing Care Community, move to a smaller home, remodel your current home for mobility and explore assisted or independent living arrangements. Be your own expert and consider seriously all the options! And do not forget to include caregiving expenses as part of that equation. $30 an hour is an excellent, current figure depending on where you live.
3. Get familiar with what you can expect from Social Security and the benefits associated with your Medicare options when the time comes. Also connect with a reliable life insurance agent on whether life insurance, annuities and long term care insurance riders are right for you and your situation. It pays to be knowledgable.
4. Pare back, get rid of your stuff and live more simply. All of your belongings are not only weighing you down and shrinking your options for carefree living, they are expensive to maintain — even moreso if you have gone and rented a storage unit. Get rid of it now! And for Pete’s sake don’t increase your load of overpriced, under-wanted items, especially furniture and knick knacks and fashion. They are not worth much in the end, and the more you spend the less you have for caregiving and unexpected health challenges, and your legacy. Don’t let your things add to your financial burdens.

The realistic thing is, many of us will be “stuck in the middle,” meaning we have too much money to rely on government programs like Medicaid for our caregiving needs and too little set aside to live on easy street without the free support of our loved ones, family and friends. This isn’t altogether the worst thing in the world, but it certainly requires honest conversations with your one-day caregivers and careful financial planning for the future.

On that note, I’ve included below some very helpful resources from the Financing Longevity course. I hope they will help you more thoughtfully approach your second-half math problems and better understand the factors we’re up against in this aging business, they did for me!

1. To see the national trends in aging, costs, Medicare, social security, and sources of care, follow the link below to view the three infographics. The Growing Cost of Aging in America Part 1: An Aging Population and Rising Health Care CostsLinks to an external site.
2. What is the Average Retirement Savings by Age?
   Links to an external site.
3. Planning for Health Care Costs in Retirement
   Links to an external site..” Vanguard Research, June 2021.
4. Longevity Fitness: Financial and Health Dimensions Across the Life Course
   Links to an external site.. The Gerontological Society of America, 2019.
5. Department of Labor’s Retirement Toolkit
   Links to an external site.
6. Report on the Economic Well-Being of U.S. Households in 2024
   Links to an external site..” Board of Governors of the Federal Reserve System, May 2025
7. A Simple Introduction to Investing Infographic
   Links to an external site.
8. What will my savings cover in retirement?Links to an external site.
9. How much do I need to retire?Links to an external site.
10. How much should I save each year for retirement?Links to an external site.
11. How can I make my retirement savings last?Links to an external site.
12. Run the numbers for yourself using the Smart Asset Retirement Calculator
    Links to an external site.
13. Managing Your Money in Retirement 
    Links to an external site.Managing Your Money in Retirement. Trustees of Boston College, Center for Retirement Research, 2011.
14. Understanding the Benefits
    Links to an external site..” Securing Today and Tomorrow. Social Security Administration, 2025.
15. Tierney, Spencer. “Inflation Erodes Your Savings. Here’s How to Shore Them Up
    Links to an external site..” USA Today. Gannett Satellite Information Network, September 2, 2018

And this is all such great advice….from Carolyn McClanahan, who lives and works in Jacksonville, FL! A local super star!

Doing a little math when it comes to planning our our second half thriving is a gamechanger. Don’t be like me and run from it. Together, let’s face the figures, get comfy with the numbers and build an equation that equals success on our own terms.