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Although many Americans now plan for a retirement of up to 20 years, there is evidence that the average retirement may last much longer. Half of those currently aged 65 will live to be older than 83 years, according to the National Center for Health Statistics. What’s more, the latest U.S. Census found that the fastest-growing segment of the U.S. older population (those at least 65 years old) is the 85 years and older group.
In other words, living nearly a century may someday soon be almost commonplace. As a result, rather than thinking of retirement as the final stage of life, a more realistic approach may be to view it as a progression of phases, such as early, middle, and late. This involves taking a fresh look at retiree expenses and income, as well as withdrawal and estate planning strategies.
For many Americans, retirement can be an alluring stage of life—a time when many hope to finally have the time to try new hobbies or travel. But retiring comfortably and being able to do the things you dream about requires a steady stream of income that lasts as long as you do. The earlier you retire, the more important it is to manage your retirement assets wisely.
A secure, comfortable retirement is everyone’s dream. And now because we’re living longer, healthier lives, we can expect to spend more time in retirement than our parents and grandparents did. Pursing a confident retirement can be much easier when you plan your finances.
Socking away money for retirement is a great idea, but how much do you really need to save? How long do you need to work to set yourself up comfortably in your golden years? Your Wealth Planning Group can help in determining the right answers for you.