How long will you live?
It turns out this vitally important question tends to be given little thought by most.
In the last two weeks I’ve reviewed three articles on this subject. Here’s one from Fox Business.
New studies disclose that very few Americans know or understand their life expectancy. Because of that, many Americans will run out of money before they run out of life.
According to the George Washington University Global Literacy Excellence Center and the TIAA Institute concludes most lack a basic understanding of how long people tend to live in retirement.
If I were to ask you to name the most important risk in planning for your retirement, what would you pick? Stock market risk? Inflation? The cost of health care?
The correct answer is “none of the above.” Research tells us that the biggest risk to your retirement plan is longevity: the danger of exhausting resources before the end of life. And it is the least understood by people planning for retirement. Longevity risk is rising, along with lifespans.
The Society of Actuaries has determined 1 out of 3 men and half of women who are in their mid-50s now will live to age 90 or beyond. And wealthier, better-educated people are most likely to outlive the mortality averages.
These are averages which mean many will far exceed those averages.
Are you financially prepared to live to 90, 100 or more?
If we haven’t taken the time to look at that possibility, we should.
If you’re unable to retrieve these articles, let us know and we’ll send you a copy.
