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5 Lessons: What If I Lived Till I'm 100?

Steve Conley

Marion Bloom spends her days at study groups, where she learns languages and also enjoys painting and drawing
Marion Bloom spends her days at study groups, where she learns languages and also enjoys painting and drawing

Article by Lucy Andrews FOR THE SUNDAY TIMES.


Living to 100 may sound like a far-off dream, but it’s becoming increasingly possible, as demonstrated by Marion Bloom, who is 101 and thriving. From working on Fleet Street during World War II to embracing new languages in her 11th decade, Marion has not just survived but thrived. Her adaptability, financial foresight, and zest for life offer invaluable lessons for anyone planning a long retirement.


In this article, we explore five powerful lessons from Marion’s life that can help us plan for a fulfilling and financially stable century.


 

Introduction

Marion Bloom, a remarkable 101-year-old woman, has lived through a century marked by monumental change. From her early days working on Fleet Street during World War II to her vibrant retirement filled with learning and creativity, Marion’s life is an inspiring testament to resilience and adaptability. Her journey offers invaluable lessons for anyone planning a long and fulfilling retirement.


The number of centenarians is rising globally, and the challenge of sustaining financial and emotional well-being for decades of retirement is more pressing than ever. Here are five lessons from Marion’s extraordinary 30-year retirement.


Lesson 1: Use Your Savings Wisely

When Marion retired in 1993 alongside her husband Emil, they had to ensure their savings lasted for decades. The couple wisely chose a joint-life annuity, which provided a steady income and financial security.


Choosing an Annuity: A Key Financial Decision

An annuity is a contract where a lump sum is exchanged for regular income. For Marion and Emil, this decision was life-changing, enabling them to cover expenses comfortably. Despite annuities becoming less popular today due to their inflexibility, Marion’s story shows how they can provide peace of mind.


Budgeting for Longevity

Stretching savings over several decades is no easy feat. Marion emphasises the importance of budgeting and prioritising essentials over unnecessary luxuries. By living within her means, she ensured financial stability even in her later years.


Lesson 2: Adapt to the Rising Cost of Living

One of the most challenging aspects of living into old age is adapting to the increasing cost of living. Marion’s retirement journey highlights the need for flexibility and careful financial management to navigate economic changes.


Embracing a Flexible Lifestyle

In the early years of their retirement, Marion and Emil enjoyed travel and leisure, often visiting Canada and Europe and spending weekends on their canal boat. However, as expenses rose, particularly service charges for their flat, they had to adjust their lifestyle. Luxuries like frequent trips became less frequent, replaced by more cost-effective ways of enjoying life.


Marion underscores the importance of focusing on what truly matters. For her, that meant prioritising health and basic needs over indulgences. Adapting to rising costs doesn’t mean sacrificing happiness but rather re-evaluating priorities to ensure long-term sustainability.


The Importance of Financial Planning

Effective financial planning is essential to prepare for rising expenses. Marion’s story illustrates that no matter how well-prepared you are, external factors like inflation and unexpected costs can strain resources. By maintaining a conservative approach to spending and regularly reviewing her finances, Marion navigated these challenges with grace.


Lesson 3: Be Prepared to Change Your Plans

Life is unpredictable, and even the best-laid plans can be upended by unforeseen circumstances. Marion’s ability to adapt was a key factor in her long and fulfilling retirement.


Learning from Setbacks

When Marion faced significant medical expenses in her later years, including a back surgery that required a £2,500 excess payment, it tested her financial resilience. She and Emil had invested in private medical insurance for decades, but as the premiums rose significantly with age, they had to make the tough decision to cancel the policy.


Her advice? Be prepared to pivot when things don’t go as expected. Life events like health issues, inflation, and global crises can disrupt even the most meticulous retirement plans. Marion emphasises the need to stay adaptable and resourceful in the face of challenges.


Planning for Longevity

Living beyond 100 was not something Marion or Emil could have predicted. Retirement plans often assume a 20- to 30-year timeframe, but Marion’s experience demonstrates the importance of preparing for the unexpected. By cultivating skills, staying curious, and maintaining a flexible outlook, retirees can better adapt to an extended lifespan.


Lesson 4: Don’t Forget the Cost of Care

The cost of care is one of the most significant financial burdens faced by those in their later years. For Marion, this became a reality when Emil was diagnosed with Parkinson’s disease in 2008.


Financial Planning for Health Costs

During Emil’s final years, Marion paid for carers to assist him daily. The expenses, which totalled thousands of pounds, significantly impacted their savings. Today, with the average cost of home care assistants in the UK reaching nearly £40,000 annually, it’s clear that planning for healthcare costs is essential for retirees.


Private medical insurance is one way to prepare, but as Marion discovered, premiums can become prohibitively expensive as you age. Balancing insurance coverage with a robust savings strategy can help mitigate the financial strain.


Emotional Resilience During Caregiving

Beyond the financial costs, caregiving takes an emotional toll. Marion describes Emil’s battle with Parkinson’s as “heartbreaking” but found solace in the knowledge that she did everything possible to provide him with comfort. Her advice to others is to seek support when needed and prioritise self-care alongside caregiving duties.


Lesson 5: Leave Your Affairs in Order

Losing a loved one is never easy, but being prepared can ease the burden. When Emil passed away, Marion was grateful for the meticulous organisation of their financial affairs.


Steps to Organise Financial Affairs

Marion’s experience underscores the importance of having essential documents in order, including wills, insurance policies, and pension details. This preparation not only simplifies matters for the surviving spouse but also ensures that assets are distributed according to one’s wishes.


She advises retirees to keep a clear record of all financial dealings and to communicate these plans with family members to avoid confusion or disputes.


The Psychological Benefits of Organisation

Having one’s affairs in order brings peace of mind. For Marion, knowing that Emil had taken care of their finances allowed her to focus on grieving and moving forward without the added stress of financial uncertainty.


Marion’s Golden Rule: Keep Your Mind Stimulated

If there’s one thing Marion believes has kept her thriving into her 11th decade, it’s staying mentally and socially active. Her daily routine is a testament to the importance of lifelong learning and personal growth.


The Role of Curiosity in Longevity

Marion spends her days attending study groups, learning new languages such as Spanish and Hebrew, and indulging in creative pursuits like painting and drawing. She firmly believes that keeping the mind engaged helps maintain mental sharpness and emotional well-being.


Embracing Modern Trends

Marion’s mantra, “Keep up with the times,” reflects her openness to change and innovation. Whether it’s technology, modern social norms, or new ways of thinking, she advises embracing the present rather than clinging to the past. This adaptability not only keeps life interesting but also fosters a sense of connection to the world.


Conclusion

Marion Bloom’s story is an inspiring reminder that a long and fulfilling retirement is possible with careful planning, adaptability, and a commitment to lifelong growth. Her five lessons—using savings wisely, adapting to change, preparing for unexpected challenges, managing care costs, and staying mentally active—offer a roadmap for navigating the complexities of modern retirement.


As life expectancy continues to rise, her experiences highlight the importance of resilience, curiosity, and financial foresight. By following her advice, anyone can prepare for a retirement that is not only secure but also rich in meaning and joy.


 

FAQs

1. What is the best way to save for a long retirement?Start saving early, diversify your investments, and consider options like annuities for guaranteed income.

2. How can I prepare for rising healthcare costs in retirement?Build a dedicated healthcare fund, invest in insurance early, and review policies regularly to ensure they meet your needs.

3. What activities can keep the mind active in old age?Engage in learning, such as studying new languages, pursuing creative hobbies, and participating in social groups.

4. Is downsizing always the best financial choice in retirement?It depends on individual circumstances. Downsizing can free up funds, but consider associated costs like service charges.

5. How can I make my financial affairs easier for loved ones after my passing?Organise essential documents, create a clear will, and communicate your plans with family to avoid confusion or disputes.


 



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