According to the Social Security Life Expectancy Calculator, for an average man and woman aged 65, the man is estimated to live until age 84, while the woman is estimated to live until age 87.1 This means that you may need to plan for your retirement savings to potentially last 20-plus years.
Forty percent of Americans surveyed recently said they were more afraid of outliving their assets than they were of dying.2
A significant loss in the years just prior to and/or just after you retire could negatively impact the level of income you receive over the course of your life. In fact, if a loss occurs earlier in life, there is also the chance that you may have more time to recover (versus a loss occurring later in retirement). Why? Simply because a smaller pool of assets is left to sustain you throughout your retirement years, and your assets may not have as much time to recover.
We can help you design a guaranteed retirement income strategy that incorporates insurance and annuity vehicles to create opportunities for long-term growth as well as guaranteed income throughout your retirement.
1 Social Security Administration. “Retirement & Survivors Benefits: Life Expectancy Calculator.” https://www.ssa.gov/cgi-bin/longevity.cgi Accessed Aug. 16, 2022.
2 Gabrielle Olya. GOBankingRates. Aug. 7, 2021. “40% of Americans Fear Retirement More Than Death — Here’s Why.” https://www.gobankingrates.com/retirement/planning/40-percent-americans-fear-retirement-more-than-death-heres-why/ Accessed Aug. 16, 2022.
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