Follow a local newspaper (or local news website) long enough and you’ll probably come upon a story about a 100-year-old resident who still bowls (or golfs), goes square dancing twice a week and occasionally enjoys a shot of tequila. About 97,000 Americans are centenarians—100 or older—and a handful of those are supercentenarians— individuals who have celebrated their 110th birthday.
Maybe you’re convinced that you won’t live that long, especially when you get up in the morning and feel complaints in your knees. And you may have seen reports that average U.S. life expectancy has declined to about 76, the lowest since 1996. But those numbers were skewed by the COVID-19 epidemic and don’t reflect the likelihood that you’ll actually live much longer than that, says Barbara Selig, senior wealth management adviser at TIAA. For a 65-year-old couple, there’s a 50% chance that one spouse will live to age 93 and a 25% chance that one will live to 97, according to the Society of Actuaries. And while living into your nineties beats the alternative, it increases the risk that you’ll outlive your savings. “Longevity is the biggest financial risk for retirees,” Selig says.
With that in mind, you should start planning for longevity well before you retire—in your fifties or, ideally, even before that. The steps you take now to grow and preserve your nest egg will go a long way toward ensuring that your eighties and nineties are comfortable and worry-free.
SAVE THE RIGHT WAY
هذه القصة مأخوذة من طبعة February 2023 من Kiplinger's Personal Finance.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة February 2023 من Kiplinger's Personal Finance.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
FREE HELP FOR COLLEGEBOUND STUDENTS
This program’s mentors assist applicants as they fill out the FAFSA, write essays and more.
WHAT YOU SHOULD KNOW ABOUT SPOUSAL IRAS
You typically need earned income to contribute to an individual retirement account, but a spousal IRA provides an important exception to this rule.
SELLING SHARES? HERE'S HOW TO MINIMIZE TAXES ON YOUR GAINS
ET'S say you've been regularly buying shares in a booming tech company over the past few years, but now you want to start taking some of those profits, perhaps to rebalance your portfolio.
Strategies for Novice Investors
AS part of a lifes kills program for young, single mothers, I was asked to teach a class on how to get on top of your finances.
ANSWERS TO YOUR 529 PLAN QUESTIONS
Thanks to recent policy changes, families have more options for what to do with money sitting in these tax-advantaged accounts.
Rate-Cut Winners and Losers
NOW that the Federal Reserve has cracked the interest rate ice, the next development will be to separate winners from losers.
SHOULD YOU BUY THESE RED-HOT FUNDS?
Covered-call ETFs are popular but come with plenty of caveats.
DIVIDEND STOCKS ARE READY TO REBOUND
Our favorite dividend payers are poised to benefit as falling interest rates lure investors back.
IS A 55+ COMMUNITY RIGHT FOR YOU?
These age-restricted developments appeal to older adults seeking abundant amenities and an active lifestyle.
AT LONG LAST, RATES ARE DROPPING
Consider these portfolio moves now that the Federal Reserve has cut its benchmark interest rate.