If you are going to budget for the future intelligently you are going to have to estimate how long you can expect to live.
The above may be a rather blunt assertion, and people often times like to dance around the subject of mortality. But the truth is that dying is a fact of life itself and how long you live is going to have everything to do with how much money you will need to be able to finance the latter portion of your life.
At the present time the average life expectancy in the United States is 78.1 years, and of course this figure is going to change slightly virtually every day. When you examine this number you have to understand the fact that it includes people of all ages. In other words, the average life expectancy for a baby born today is 78.1 years.
But as you get older your life expectancy is going to increase above the average that is compiled using mortality figures for people of all ages, and your gender has something to do with it as well. For example, a woman who just celebrated her 70th birthday in April of this year has a total life expectancy of 86.7 years.
If you are interested in gauging your own life expectancy given your current age the Social Security Administration provides a good resource: Social Security life expectancy calculator.
Budgeting for retirement is a slippery slope and you have to err to the side of caution given the way that life expectancies are increasing. If you would like to devise a plan that leads to financial security during the latter stages of your life, the best way to proceed is to discuss the details of your unique situation with a licensed, experienced, and savvy Somerset County NJ retirement planning lawyer.
Alan Augulis, Estate Planning Attorney
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