Preparing for retirement involves having a good idea of the financial resources that you are going to need to pay your way after you are no longer earning a paycheck or receiving income from your business. To be able to do this you are going to need to have an idea of your expected lifespan.
Lifespans have been rising over the years as medical science develops advanced capabilities and people have a better understanding of how to take care of themselves. The average lifespan in the United States right now is 78.1 years, but it goes up as you get older. So for instance, a female who is 50 years old right now has a lifespan of almost 85 years.
Of course there are no guarantees and these are just averages but they give you a general idea. There is a good resource available on the Social Security Administration website that you can use to estimate your lifespan given your age and gender.
Evaluating your expected lifespan and that of your spouse is useful for budgeting purposes of course. But, you don’t have to apply for Social Security when you reach your full retirement age. You can retire when you are as young as 62 or as old as 70. If you retire early your benefit is reduced; if you delay retirement it is increased. Your anticipated life span can affect your choices regarding when you apply for Social Security.
Careful and informed advance planning is essential if you want to truly enjoy your golden years to the fullest. The best way to do so is with the benefit of professional advice. If you’re ready to get started, simply take a moment to pick up the phone to arrange for a consultation with a good South Carolina retirement planning lawyer.
- Preparing for Coronavirus - March 10, 2020
- Incapacity Planning - December 20, 2018
- Special Accounts for People with Special Needs - December 17, 2018
