Retirement and Life Expectancy
Life expectancy is something to take into account when planning your retirement, according to a study by Harvard University. On average, 60-year-old Americans can expect to live another 20 or 25 years, depending on their gender and other variables. And most Baby Boomers can also count on a couple of extra years free of disease and disability compared to 60-year-olds of just 15 years ago due to improved medical treatments.
It is important to factor in that information when planning for retirement. Life expectancy numbers show an average for the population that was studied, and it doesn’t reflect your personal situation. The healthier you are, and the healthier your lifestyle choices, the longer you are likely to live. So, if you figure that you have a good chance of living until 90, then your retirement assets will need to last you through those years.
This may determine what sort of retirement activities you can afford or what avenues you wish to pursue. Whether it’s caring for your grandchildren, or hiking the Appalachian Trail, R-Ving across America, or sipping cocktails on a tropical beach; these are questions you’ll need to ask yourself.
One thing you may want to consider is spending time with people you are fond of. Research shows that seniors who spend time with family and friends in their retirement years are happier. And we’ve all heard that happiness and health are intimately connected.
Another thing that will have an effect on your happiness is reducing the stress of worrying about your retirement income. Find out what your Social Security income will be and how much you are due through retirement savings accounts. Putting together a budget and staying on top of your spending habits will go a long way to set your mind at ease, knowing what money is available to you, and eliminating sleepless nights.
All these things can contribute to a longer and healthier retirement.
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