It can be challenging at times for people to look at personal planning for their senior years.  Whether it’s the “fear of getting older” or “what’s the point if I already know how the movie ends”, I understand when our mortality gets more light shone on it than one is comfortable with.

And while our clients are quite aware of the advantages of having a senior personal plan and the very real disadvantages of not having one, many travel down their life runways without one. 

In fact, about 50% of seniors don’t even have a will in place, which can lead to a litany of issues.  So, we decided to look for an analogy that would help people more likely to consider having a senior personal plan, without making it sound overly “sale-sy”.  We came up with an analogy that uses flight travel, and we hope it resonates with you.

Whether you’re flying to Bermuda, Florida, The Dominican Republic or North Bay, Ontario, it’s a relatively straightforward process.  We pick a destination, we buy tickets, we get on the plane, some bad food is served, and we land at our destination.  Nothing to it.  And it works reliably well every time, as there are a number of coordinated people managing a predictable process along the way, and with a map in hand to ensure that they land at that destination.  Sure, there are occasional hiccups that happen along the way, but everyone understands that “stuff” happens.

Getting older is a lot like booking a flight as well.  We know the final destination, but we don’t know when “boarding” starts.  We’re not sure whether we’re getting a direct flight or whether there will be a lot of stopovers.  We may not be able to pick our seat.  And what about the condition of the plane?  And what if there's a kid screaming at the back of the plane during trip? 

Fortunately, real air travel includes a pilot with a flight plan and contingency plans for bad weather, screaming kids and plane malfunctions.

My father’s generation typically retired at 65 and assumed he was already on standby for his “flight” and indeed, he boarded at age 68.  There really wasn’t much need for a plan other than a Will that ensured that the family was looked after.  Life had a very short runway after 65 at that time.

Most of us today, however, will likely live beyond age 85 (thanks to advances in health care), so it makes it unthinkable for anyone to expect to sit in the airport departure lounge for 20 years waiting for their flight, as there is a lot more life to live… and it needs to be lived!

That pilot we talked about earlier, doesn’t sit at the airport 24x7 waiting for his next flight.  He also enjoys a life between flights, and he plans for that as well.  He looks forward to vacations with family, dates with his spouse, trying new restaurants, visiting his grandkids, and he starts doing those things that he always wanted to do.  He might even fly to Bermuda!  He does, however, have a map for that next flight and so does his flight crew, so they know how to support him and other passengers during the trip.

 With that analogy exhausted, the message is clear, having a “map” or a senior personal plan will provide you with an exciting agendum during your retirement years, as well as having backup plans that you and your “flight crew” will be aware of, making for a confident flight.

During our morning coffee the other day, we both said at the same time “I can’t believe it’s September already”, and we knew that a lot of people in kitchens elsewhere were saying the same time.  As life does tend to move a lot faster these days, it’s a good idea to put a plan together for how you’re going to live it…. Now.

Gary Hepworth – September 2024