Longer Life Expectancy

 Life Expectancy Is Getting Longer

     In 1950, the average American retired at age 65, provided he or she lived that long. At that time, the average life expectancy at birth was about 68 years.

     But in today’s world, we’re probably going to live longer than Americans did in the 1950s. Americans can now expect to live to 77, and by 2050, the average life expectancy is projected to be 82 years, if there are no new medical advancements above the normal trend. And this means we’re going to be enjoying a longer retirement – the longest retirement in history. In fact, we may be spending as many years in retirement as we did in the workplace. That’s going to require some serious preparation so we don’t outlive our assets.

What Does Retirement Mean to You?

     For many people, retirement means travel, freedom, new pursuits – or maybe going back to school or starting a new business.

     Most of these activities are expensive. It costs more to travel to Paris than it does to sit by the pool. It’s more expensive to study cooking in Tuscany than to eat the early bird special at a local restaurant.

     And even if your retirement plans are modest, they’ll still be more expensive than those of previous generations. That’s because of inflation.