How Living Longer Will Impact Your Retirement

A 65-year-old can expect to live another 19 to 21 years, on average, according to the Social Security Administration. What's more, the government agency says a quarter of 65-year-olds will hit age 90, and one in 10 will live beyond age 95.

Those numbers show a significant improvement in life expectancy over time. In 1960, for instance, a 65-year-old man was only expected to live an average of 13 more years, while a 65-year-old woman had an average remaining life expectancy of 17 years.

Financial planners have taken note of the trend and adjusted their guidance and saving plan accordingly. "When we plan for clients nowadays, we take our time frame out longer to 95 or 100 [years old]," says Dave Totah, a certified financial planner with Exencial Wealth Advisors in Frisco, Texas.

Adjusting investment strategies is just one way in which longevity is changing the face of retirement. Living longer has also translated to seniors having more time to do the things they want and added opportunity for expensive health care expenses to emerge. However, to prepare for all the following ways in which a long life will impact retirement, workers need to start saving early.

A longer retirement means more time to fill. The prospect of a 20-year retirement has changed how some people approach their senior years. Rather than quit the workforce at age 65, many Americans continue to work either to supplement their retirement income or because they miss the routine of the workplace.


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