The Age of Experience: Always Improving

It’s not just fine wines that get better with age. We also are
always improving — growing more confident over time, having met challenges and
overcome them. Our decision-making gets easier. We develop coping mechanisms to
handle stress. And we grow wiser. Our knowledge and experience accumulate as a
strong foundation we continue to build upon.1 It takes time to build
that foundation of knowledge, and learning never ends.

One area where a solid foundation of knowledge is essential
is managing our finances. Sometimes that knowledge is gained through mistakes.
However, one of the perks of growing older is realizing that you don’t know
everything — unlike your 26-year-old self — and that it’s OK to seek help.
That’s where we come in. If you’re thinking about your retirement income strategy
— perhaps with an eye toward greater financial confidence in retirement — please
give us a call. We’re happy to review insurance options appropriate for your
goals and circumstances.

It’s also worth considering that we can continue to work on
our health throughout our lifetimes, as well. Some people will encounter issues
that slow them down, and there’s not a lot they can do about it. But for many
of us, we have some control over how well we take care of our health, and we
shouldn’t take that for granted. After all, good health — characterized by
regular exercise, a nutritious diet and preventive medical care2 — can
have a positive impact on our finances, by helping us save on health care costs.

What we consider “older” and “younger” is all relative, as
evidenced by men’s professional tennis. While dozens of teens and 20-somethings
continue to climb the ranks each year, it is the “old-timers” — with their
match experience and mature presence of mind — who dominate the top spots:3
Roger Federer (age 38) at No. 3, Novak Djokovic (age 32) at No. 2 and Rafael
Nadal (age 33) at No. 1, reign for 2019.4

If 38 seems too young to be considered an “old-timer,” how
about 110? A recent study of the DNA of “supercentenarians” (people age 110 and
older) found that these individuals tend to have a different variety of white
blood T cells that attack viruses and cancer cells. Apparently, sometimes we
don’t find out what our “superpower” is until later in life.5

And despite the early business successes of younger startup
superstars like Mark Zuckerberg and other “dot-com millionaires,” the average
age of successful entrepreneurs in the United States is in their 40s.
Researchers say this is because benefits accumulate with age. By benefits, they
are referring to business networks (e.g., partners, potential employees, suppliers),
financial resources (e.g., personal wealth, excellent credit score, potential
investors) and experience gained over a career.6

Content prepared by Kara Stefan

1 Life Care Services. July 10, 2019. “9 things that are
better with age.” Accessed Nov. 14, 2019.

2 WebMD. April 24, 2018. “9 Scientific Secrets to
Healthy Aging.” Accessed Nov. 14, 2019.

3 Christopher Clarey. The New York Times. Sept. 9, 2019.
“Rafael Nadal Shows Why the Young Guard Will Have to Wait.” Accessed Nov. 14, 2019.

4 ESPN. Men’s Tennis ATP Rankings 2019. Accessed Nov. 22, 2019.

5 Sam Blanchard. Daily Mail. Nov. 14, 2019. “Supercentenarians
who reach 110 ‘have unique turbo-charged immune systems to fight off cancer and
infections.’” Accessed Nov. 14, 2019.

6 Knowledge@Wharton. Nov. 12, 2019. “Why Older
Entrepreneurs Have the Edge.” Accessed Nov. 14, 2019.

We are an independent firm helping individuals create retirement
strategies using a variety of insurance products to custom suit their needs and
objectives. This material is intended to provide general information to help
you understand basic retirement income strategies and should not be construed
as financial advice.

The information contained in this material is believed to be reliable,
but accuracy and completeness cannot be guaranteed; it is not intended to be
used as the sole basis for financial decisions. If you are unable to access any
of the news articles and sources through the links provided in this text,
please contact us to request a copy of the desired reference.