Life Expectancy and Retirement

(Newswire.net — June 5, 2017) Syosset, New York —

While it might sound obvious life expectancy is a factor in retirement planning. “On average, 60-year-old Americans can expect to live another 20 or 25 years, depending on their gender and other variables” says Marty Walcoe, SVP at David Lerner Associates, a broker/dealer iwith headquarters in Syooset, N.Y. “Most Baby Boomers can count on a couple of extra years free of disease and disability compared to 60-year olds of just 15 years ago due to improved medical treatments.” 

Obviously, there is no way to tell exactly how long one will live, but in planning retirement, having an educated guess of how long your savings should last allows you to “plan for the worst and hope for the best.” Use this retirement calculator and work with your investment advisor to determine your most likely needs.

Life expectancy numbers show an average for the population studied, so it doesn’t reflect your personal situation. The healthier you are and the healthier your lifestyle choices, the longer you are likely to live. So, if you figure that you have a good chance of living until 90, then your retirement assets will need to last you through those years. 

This may determine what sort of retirement activities you can afford or what things you wish to pursue. Whether it’s caring for your grandchildren, or traveling to the arctic and watching the glaciers calve, RVing across America, or sipping cocktails on a tropical beach, these are questions you’ll need to ask yourself. 

One thing you may want to consider is spending time with people you are fond of. Research shows that seniors who spend time with family and friends in their retirement years are happier. And we’ve all heard that happiness and health are intimately connected. 

Another thing that will have an effect on your happiness is reducing the stress of worrying about your retirement income. Find out what your reliable Social Security income will be, and how much you are due through retirement savings accounts. Putting together a budget and staying on top of your spending habits will go a long way to set your mind at ease, knowing what money is available to you, and eliminating sleepless nights. 

All these things can contribute to a longer and healthier retirement. 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Member FINRA & SIPC