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If you’re expecting a long life, take time to adjust your financial plan

January 30, 2018

From the CNBC website

Since 1950, life expectancies at birth have ticked upward at a rate of roughly two years per decade, from an average 68.2 for a newborn in 1950 to 76.8 for one in 2000, according to the Centers for Disease Control. But those averages can paint a misleading picture: They factor in people who will die at younger ages, which drags down the number.

In contrast, the Social Security Administration’s life expectancy calculator estimates that, on average, a man turning age 65 today can expect to live until age 84.3; a woman, to age 86.6.

“And those are just averages,” the SSA notes. “About one out of every four 65-year-olds today will live past age 90, and one out of 10 will live past age 95.”

Can your financial plan stand the test of time? It may need to last longer than you think.

From → Finance

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