Exactly how long you are going to have to pay your way after you stop working is going to have a lot to do with how much money you need to accumulate before you retire. We all know that there are no guarantees regarding how long you will live, but there are averages that we can draw from. Of course the figure changes all the time but as of this writing the average lifespan in the United States is 78.1 years for people of all genders and ages.
However, the older you get the more likely it is that you will live beyond this age, and in general women tend to live longer than men. To get an idea of where you stand there is a very good life expectancy calculator available for your use on the Social Security Administration website.
And speaking of Social Security, calculating your life expectancy can be very useful when you are deciding whether or not you want to take a reduced early retirement benefit by retiring at the age of 62 rather than waiting until you reach full retirement age. Though the benefit would indeed be reduced, you would be receiving it for a significantly longer period of time.
The more you know the better when you are making preparations for the latter stages of your life. Expertise is key, and there is professional guidance out there. The best way to address these issues is to work with a team of experienced and qualified legal, tax and financial planning advisers.
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