How long will your retirement last if you stop working at age 60?
There’s obviously no definitive answer, but the latest data on life expectancies can tell us a lot.
These days, retirement can last at least 20 to 25 years if you retire at 60. That’s around a decade longer than a 60-year-old retiree 50 years ago.
And if you’re not retiring for another 10+ years, you could be looking at an even longer life expectancy in retirement.
That means a 30, 40, or even 50-year retirement for some—allowing for, essentially, an entirely new life.
And though the gift of more time is certainly welcome, there can be obstacles. Which, if not met head-on in your retirement planning, could prevent you from experiencing the post-work bliss you deserve.
Here are 6 things to consider when factoring longevity into your retirement.
Financial Lesson:
If you retired tomorrow, would your current retirement plan allow you to thrive for 30+ years?
What part of your plan would (or is) the weakest?
Answering those questions is essential, as the markets, the economy, and your life will continue to shift throughout the future.
And when they do, your retirement strategy will need to evolve.
What could help tomorrow, next year, and decades down the line, is guidance from a financial professional today.
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Sources:
- https://money.usnews.com/money/retirement/articles/how-living-longer-will-impact-your-retirement
- https://www.fool.com/research/average-retirement-age
- https://www.census.gov/content/dam/Census/library/publications/2020/demo/p25-1145.pdf
- https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9916207/
- https://www.cnbc.com/2023/03/10/85-year-harvard-happiness-study-found-the-biggest-downside-of-retirement-that-no-one-talks-about.html
- Chart Source:https://www.census.gov/content/dam/Census/library/publications/2020/demo/p25-1145.pdf
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