Most Americans don't understand average lifespan of retirees when planning for retirement
Most Americans don't understand average lifespan of retirees when planning for retirement
Just over a third (35%) of Americans knew the average lifespan of retirees, according to a recent report.
It's not just about the years spent in retirement, but what you're doing. This is something I heard from a financial advisor - Retirement happens in phases.
Go-go phase. Years spent in relatively good health. Add extra budget for travel or big-ticket items to enjoy, like an RV.
Slow-go phase. Staying close to home, maybe spending time with grandkids. Increased medical bills.
No-go phase. No travel, but largest medical bills.
This graphic has the info you're looking for: graph
Holy smokes, only 30% of 65yo men live to be 90. For some reason I thought it was higher.
Thanks for sharing!
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I gave up after looking for a clear answer after a few minutes. They really buried the lead.
The history of the phrase bury the lede is fascinating. Especially the part where they started spelling it wrong on purpose.
Interesting! Thanks for sharing!
on average in the u.s. a 65 year old man will live to 84 and a 65 year old woman will live to 87
the likelihood of making it to at least 90 are 30% for men and 40% for women
the likelihood of not living beyond 70 is 5-10% for men and <5% for women
there now we're all longevity literate
Thank you!
Thought it was lead for the longest time too
According to the article linked by @JWBananas, lead is correct. Printers changed it to lede in order to avoid confusion with another tool called a lead in the printing context.
One thing nobody points out is that those last 5+ years of your life, your health will probably be failing, physically and maybe mentally. If someone has to take over your finances and they aren't financially literate, your money will run out a lot sooner.
I'm not talking about someone stealing your money(which does happen), but someone who means well, but just makes bad decisions. There's no easy fix for it, but a living will helps.
Who would have thought determining the retirement savings necessary would just be predicting your own death?
Stupid article and survey if you ask me.
Not rocket science for sure.
I was just looking for some content to keep this community active.
As always, PF is usually about people asking for advice, in the meantime we are stuck with this kind of articles.
Feel free to share any interesting article if you have any
For most Americans, there is no such thing as retirement.
Can someone define this word for me?
"Retiree"?
Someone who has stopped working for good because of old age
Nah, age has nothing to do with it. It's merely someone who has stopped working because they no longer need an income to support themselves for the rest of their life.
I would say someone who stopped working for their primary income. Some folks still work for the social aspect or to live a bit comfier. Typically I think those folks do far fewer hours though.
