One in three 65-year-olds today will live past 90—but are their retirement plans ready for 30+ years?

Living longer sounds like pure blessing, but it’s creating unprecedented financial complexities that most retirement strategies weren’t designed to handle. Welcome to the longevity paradox: the longer we live, the more financial planning challenges we face, often at a time when cognitive clarity begins to decline.

The New Reality of Extended Lifespans

According to the Social Security Administration, what once was rare—reaching your 90s and beyond—is now increasingly common. One in three 65-year-olds today will live past 90, and one in seven will celebrate their 95th birthday. While medical advances and lifestyle improvements help us live longer, they haven’t solved the fundamental challenge of funding those extra decades.

Why Traditional Retirement Planning Falls Short

The old retirement model is broken. Many people still think of retirement as a simple milestone: save enough money, retire at 65, and coast through your golden years. But modern retirement isn’t one flat road—it’s a multi-phase journey spanning 30-40 years.

The three distinct phases of modern retirement:

• Early active years (60s-70s): Travel, hobbies, and active pursuits
• Transitional years (70s-80s): Reduced activity, changing needs
• Care-dependent years (80s-90s+): Potential long-term care requirements

Each phase demands different financial strategies. What works in your energetic 60s may fail you in your vulnerable 90s.

The Financial Complexities of Longevity

1. Extended Income Requirements

A 30-year retirement requires dramatically different planning than a 20-year one. Your retirement dollars must last longer while battling inflation, taxes, market volatility, and rising healthcare costs.

2. Long-Term Care Costs

Longevity doesn’t guarantee health. The longer we live, the higher the probability of needing expensive long-term care—costs often not covered by Medicare that can drain assets and create family stress.

3. Investment Strategy Challenges

Portfolio management becomes increasingly complex over extended timeframes. Too conservative, and inflation erodes purchasing power. Too aggressive, and market downturns can devastate retirement security. Add unpredictable policy changes—tax law shifts, tariffs, interest rate fluctuations—and adaptability becomes crucial.

Real-World Success: Planning for the Unpredictable

Consider Jack, a 68-year-old retiree who witnessed his brother’s 12-year Alzheimer’s decline. Rather than planning only for his “go-go years,” Jack built a comprehensive strategy balancing growth with stability, including long-term care protection and built-in flexibility.

When markets turned volatile during the pandemic and recent economic swings, Jack’s plan remained steady. He didn’t need to adjust his lifestyle or make reactive decisions—demonstrating the power of planning for life’s unpredictability, not just life expectancy.

Beyond the “Set-It-and-Forget-It” Mindset

Modern retirement planning requires dynamic, adaptive strategies. This means:

• Income streams that grow over time to combat inflation
• Flexible investment approaches that adjust to changing market conditions
• Long-term care protection before you need it
• Tax-efficient strategies that adapt to policy changes
• Regular plan reviews to ensure alignment with changing needs

The Bottom Line: Redefining Retirement Success

Living longer is a modern miracle, but it fundamentally changes the financial equation. The longevity paradox forces us to shift from viewing retirement as an “end game” to understanding it as a dynamic, multi-decade journey focused on quality of life and peace of mind.

Is your financial strategy built to last—and adapt—over 30+ years? If not, it may be time for a comprehensive reset that honors your future, anticipates the unexpected, and supports the life you want to live.

Read the full article on Forbes.com.