Life expectancy, when planning for your retirement, is
more important today than ever before, because statistics show we are living
longer than ever before. For some people retirement is lasting 30 years or
longer.
Between 1980 and 2010, the population age 90 and older
nearly tripled, reaching 1.9 million people, according to the Census Bureau.
Over the next four decades, the 90-plus demographic is expected to quadruple.
When I meet with a client we discuss their family
history and factor in longevity as we formulate their retirement plan along
with many other factors.
Many people, when planning for retirement, tend to
underestimate their life expectancy and, as a result, tend to overestimate how
much they can spend after they retire. While they’re working people don’t save
as much thinking their expenses will go down in retirement, but that isn’t
always the case.
As a retirement income planner my job is to help
insure you'll have enough income to last all the way through your retirement.
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