Good piece in USA Today this weekend by Robert Powell. He notes we now have to add another two years of life to our retirement calculations: the average American 65-year old man can now expect to live to 88.8 years, up from 86.4 in 2000, according to the Society of Actuaries. Similar trends apply to women.
This means that instead of saving for enough to last 21.4 years in retirement, a nest egg has to last at least 23.8 years: perhaps another $100,000 of savings will be needed, Powell suggests.
Or you could do what the Findependence philosophy advocates and just keep working a bit longer, or supplement retirement income sources with some part-time work.
Check out ChangeRangers.com and the Agenomics blogs below
We’ve blogged on this theme before, as has Mark Venning of ChangeRangers.com, whose blog we feature in this Longevity & Aging section of the Hub. Venning has long argued that we need to be planning not for retirement, but for longevity. The other featured blog is Agenomics.ca by Lee-Anne Davies. To find them, click here to get to the Longevity & Aging section of the Hub, then scroll down below this article and another.