Life Span Increases- What About Your Retirement Income?
On Monday October 27, 2014 new estimates released by the Society of Acturaries shows the average 65 year old male is expected to live another 21.6 years to the age of 86.6 and a 65 year old female is expected to live another 23.8 years to the age of 88.8. The last time the Society of Actuaries released life expectancy predictions was in the year 2000. Two of the main reasons that life expectancy is on the rise is because of better medical care and fewer people smoking. Although this is good news it can put a strain on your retirement income and curtail plans made for your retirement years. It is even truer if you have a family history of longevity. How many more years over the average should you plan for your income to last?
There is a very good article in this past October’s Wall Street Journal that addresses “How much money can retirees spend each year without running out of money before they run out of breath?” For a copy of this article give me a call or send me an email.
In the meantime, when was the last time that you:
· Reviewed and updated your Wills and Trusts to take advantage of the new Federal Estate Tax Laws?
· Balanced your investment portfolio based upon your investment risk tolerance?
· Reviewed your life insurance policies and beneficiary information?
· Integrated a Long Term Care Plan to protect your financial assets
· Had a review to maximize your Social Security Benefits?
· Looked at financial modeling to project how long your retirement income will last?
Please contact me for a complementary meeting on pre or post retirement issues of interest.