Here’s a question worth sitting with: if a treatment became available that could safely extend your life by 15 to 20 years – pushing your lifespan to 110 or beyond – would you take it?

Ten years ago, my honest answer would have been no. I have always believed in letting nature take its course. But perspective shifts. Today, health and finances permitting, I think I would be first in line, and this change of heart has had a direct impact on how my husband and I think about and plan for retirement.

We are in the final stretch of our working years, and we have made a pact: the next decade has to count. Our retirement goals are ambitious but achievable, provided we stay focused, plan carefully, and execute with discipline.

The fact is, people are living longer than ever before. In many developed countries, it is now reasonable to plan for a retirement that spans 30 years or more. Retire at 65, and you could easily be spending money well into your 90s or beyond. This is not a distant possibility; it is an increasingly common reality, and the financial maths on how to cover it is uncomfortable.

Think about it: if one-third of your life is spent in retirement, your savings need to work much harder than most people plan for. Factor in inflation, rising healthcare costs, and the unpredictability of market returns, and the risk of outliving your money becomes one of the most serious financial threats you will face in your lifetime.

My own family is a case in point. On my mother’s side, longevity is not a given. On my father’s, people tend to live long lives, and my husband’s family, on both sides, have lived well into old age.

That genetic uncertainty means we have to plan for the longer-case scenario, because underplanning for a long life is far more costly than overplanning for a shorter one.

One of the biggest unresolved variables for us is location. I have a vision of an “endless summer”, rotating between Bermuda, Europe, Canada, and Australia; however, from a financial planning perspective, it is also one of the most complex scenarios possible.

Where you retire shapes everything: your cost of living, your tax exposure, your access to healthcare, and the currency your savings need to work in. Decisions about location need to be made sooner rather than later not because you lose flexibility, but because your financial structure depends on it.

Consolidating assets, optimising for better pricing and investment rates, and building income streams that can travel with you are all part of getting it right.

Let’s be honest: healthcare costs, especially in later life, can be financially devastating.

Consider this scenario: you reach 94 in good health, but then require nursing care. Who funds that? Now consider the more complex version – one spouse needs residential care while the other remains independent at home. Suddenly, you are funding two entirely different lifestyles simultaneously.

Nursing care costs, whether in-home or at a facility, can range from $90,000 per year upward, and that cost will only increase with time. If care is needed for five to eight years – which is not uncommon – the total outlay is substantial.

For a couple where both individuals eventually need care, the figures can be staggering. Planning for this is not meant to be doom and gloom; it is the responsible thing to do.

Additionally, for anyone within a decade of retirement, the most valuable exercise you can do right now is to build a detailed retirement budget. Not a rough estimate, a proper, honest accounting of what your life will cost.

The golden rule: always overestimate expenses, never underestimate them. Inflation alone the gradual rise in the cost of goods and services – will erode purchasing power in ways that catch many retirees off guard. A budget that works at 65 may feel tight at 75 and genuinely strained at 85.

When building your budget, be sure to account for:

• Food, utilities, and transportation

• Healthcare premiums, prescriptions, and out-of-pocket costs

• Housing – including maintenance, insurance, and potential downsizing

• Travel and leisure (don’t underestimate this – retirement should be enjoyed)

• Gifts, charitable giving, and family support

• Personal care, clothing, and everyday lifestyle costs

• Emergency reserves and unexpected expenses

Once you know what retirement will cost, the next question is: where is the money coming from? Most people draw from a combination of the following:

• Company pension plan

• Social insurance

• Rental income from property

• Savings and investments

• Proceeds from downsizing or selling a property

For most people, savings and investments will carry the heaviest load. How you manage those assets before and during retirement will be one of the most consequential financial decisions you make.

While you are still working, you can afford to hold higher-risk assets in pursuit of stronger returns, but as retirement approaches, the priority shifts. Capital preservation becomes paramount.

The goal is to de-risk your portfolio progressively, moving towards investments that generate reliable income without requiring you to draw down your principal. If you can live off the income your investments generate and leave the capital untouched, you have built a genuinely resilient retirement strategy.

At the end of the day, living a long life is not the problem. Living a long life without the financial foundation to support it, that is the problem. The good news is that it is entirely preventable with early, honest, and sustained planning.

• Carla Seely is the chief operating officer at Freisenbruch Insurance Services Ltd and has 26 years of experience in international financial services, wealth management, and insurance. During her career, she has obtained several investment licences through the Canadian Securities Institute. She holds the ACSI qualification through the Chartered Institute for Securities and Investments (UK), the Qualified Associate Financial Planner (QAFP) designation through FP Canada, and the Associate in Insurance (AINS) designation through The Institutes. She also completed a Master's Degree in Business and Management through the University of Essex.

• For further inquiries or suggested topics, email: justaskcarla@outlook.com