As the global population continues to shift toward increased life expectancy, the traditional concept of retirement is undergoing a radical transformation. January marks Financial Wellness Month, a critical time for families to address the often-overlooked intersections of longevity, long-term care costs, and the emotional and financial strain placed on the "Sandwich Generation"—those caught between caring for aging parents and raising their own children.
To kick off Season 6 of the Caregiving Club On Air podcast, host Sherri Snelling, a noted gerontologist and author, is spotlighting these essential conversations. In this episode, Snelling welcomes two heavyweights from Raymond James to discuss how financial planning is evolving from simple wealth accumulation to a more holistic, longevity-focused strategy.
The New Frontier of Financial Planning
For years, the financial services industry focused primarily on the "accumulation phase" of retirement. However, as individuals live into their 80s, 90s, and beyond, the narrative has shifted toward "longevity planning."
Expert Insight: Emily Treasure
At the heart of this transition is Emily Treasure, Senior Manager for Longevity Planning at Raymond James. Treasure argues that the role of a financial advisor has expanded into that of a family concierge.
"We are moving beyond the portfolio," says Treasure. "Comprehensive family financial planning now requires a deep dive into the realities of caregiving. We are helping families navigate the sticker shock of long-term care, which is often the single biggest threat to a retirement plan."
Raymond James has introduced a unique initiative that bridges the gap between financial advice and actionable care solutions. By connecting clients to a curated network of companies that specialize in navigating care needs, the firm is providing a service that extends far beyond investment returns. This holistic approach ensures that when a health crisis strikes, families aren’t just looking at bank statements—they are equipped with a roadmap for care.
Redefining the "Super Ager"
The conversation on longevity wouldn’t be complete without examining how individuals maintain passion and purpose well into their later years. Margaret Starner, Founder and Managing Director of The Starner Group at Raymond James, provides a living example of this philosophy.
The Wisdom of the 80s
As an octogenarian still leading her firm and actively advising clients, Starner represents the "super ager" movement. She emphasizes that the period after age 50 is not a countdown to the end, but a fifty-year horizon that requires careful, creative planning.
"Each decade brings new opportunities," Starner explains. "The biggest mistake people make is viewing their 80s as a time to simply ‘hunker down.’ I advise my clients to plan for passion, purpose, and lifelong learning. If you don’t have a reason to get up in the morning, your financial plan is incomplete."
Starner’s approach focuses on the psychological health of the investor, positing that longevity is a privilege that should be supported by a robust, purpose-driven financial structure.
Supporting the Sandwich Generation
The Sandwich Generation—individuals providing care to both children and aging parents—often bears the brunt of the "caregiver tax." This includes lost wages, reduced retirement contributions, and the direct, often high, costs of professional home health care or facility living.
Financial wellness is one of the seven pillars of wellness outlined in Sherri Snelling’s book, Me Time Monday. According to Snelling, financial stress is a disruptor that ripples into every other aspect of a caregiver’s life—physical, emotional, social, and spiritual health.
"When you are in the thick of the sandwich years, you are often reactive rather than proactive," Snelling notes. "By bringing in experts like Emily Treasure and Margaret Starner, we aim to move listeners from a place of crisis management to a place of empowered, long-term stability."
Save the Date: Longevity Day in Miami
In an effort to bring these vital conversations to the community, Margaret Starner will host a Raymond James Longevity Day in Miami, Florida. The event will take place on Thursday, March 12, from 10:00 a.m. to 2:00 p.m. at the University of Miami S.H.A.R.E. Auditorium.
Sherri Snelling will serve as the keynote speaker, presenting: "Aging Well: Everything You Need to Know About Longevity (But Didn’t Know to Ask)." The event is invitation-only, and those interested in attending are encouraged to reach out to [email protected] to request an invitation.
Expanding the Reach: The Move to YouTube
As the Caregiving Club On Air podcast enters its sixth season, it has hit a milestone, ranking #3 among the Top 80 caregiving podcasts by Feedspot. To better serve this growing audience, the organization is pivoting its news segments to a dedicated YouTube channel.
The new "Caregiving Club News" program will feature the same high-quality research, resource reviews, and cultural insights that listeners have come to expect, now in a visual format. From the latest in "Well Home Design" to legislative updates for the Sandwich Generation, the content will be accessible for free, with bi-weekly updates designed to help caregivers stay informed without overwhelming their schedules.
Implications: Why Financial Wellness Matters Now
The intersection of aging, economics, and healthcare is the defining challenge of the 21st century. The implications of poor planning are severe, leading to burnout, financial insolvency, and diminished quality of life for both the caregiver and the care recipient.
Key Takeaways for Proactive Planning:
- The Cost of Care: Families must conduct a realistic assessment of long-term care costs. Tools like the Cost of Care Survey are essential for state-by-state budgeting.
- The "Me Time" Factor: Financial planning should account for the cost of respite care, ensuring that the primary caregiver has the resources to step away and maintain their own health.
- Purpose-Driven Retirement: As Margaret Starner suggests, wealth is a tool to enable a life of continued growth. Integrating hobbies, education, and social contributions into financial planning is vital for "super aging."
- Leverage Professional Expertise: Financial advisors are evolving into holistic planners. Seeking out firms that specialize in longevity planning can provide access to networks that go beyond simple asset management.
Resources for the Journey
To support the listeners and readers, the Caregiving Club has curated a robust list of tools and resources for those navigating these complex life stages:
- Financial Planning: Explore the Raymond James Longevity Planning resources for comprehensive guides.
- Cost Analysis: Use the CareScout Cost of Care Survey to understand regional price variations for care.
- Governmental Assistance: The Elder Care Locator (1-800-677-1116) remains the gold standard for finding local, vetted resources.
- Benefit Discovery: Utilize the Benefits Check-up tool from the National Council on Aging to see if specific long-term care costs are covered by public programs.
- Self-Care: Follow the "Self-Care in 7 Minutes" video series to learn quick, actionable habits to manage the stress of the caregiving journey.
A Final Thought on Balance
Whether you are currently in the thick of the sandwich generation or preparing for your own later years, remember that financial wellness is not just about the numbers. It is about creating the freedom to live with dignity, purpose, and joy. As we celebrate Financial Wellness Month, take the first step by assessing your long-term needs and engaging with professionals who understand that longevity is more than just a duration—it is a lifestyle to be designed.
For more information on the Caregiving Club, subscribe to our YouTube channel and check out Sherri Snelling’s book, "Me Time Monday," available now.
