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.
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.
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
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
I hear ya, and I agree. I’m sorry. I’ll hunt around for something to post.
