Planning for retirement involves gaining an understanding of approximately what your expenses will be in the future. This is somewhat challenging, and one factor that is quite relevant is your life expectancy.
As we all know anything could happen to anyone at any time. However, you can look at the statistics to gain an idea with regard to probabilities as you are planning ahead toward the future.
When you do examine the facts one thing will certainly stand out: People are living longer than ever, and you may have to brace yourself for some significant long-term care expenses after you retire.
According to the 2010 United States Census Bureau report the segment of the population that is 85 years of age and older is growing more rapidly than any other age group.
At the present time the life expectancy for a sixty-year-old female in the United States is 85.3 years. The average life expectancy for a 70-year-old female is 87.2 years. For a sixty-year-old male the figure is 83 years, and a 70-year-old male has an average life expectancy of 85.6 years.
You can actually find out your life expectancy based on your exact date of birth by using this tool that is offered on the Social Security Administration website: Average Life Expectancy Calculator
Your life expectancy is an important thing to consider when you are planning for retirement. It can also play a role in your estate plan because certain strategies are only useful if the individual in question lives for a certain number of years.
Clearly, if you live into your mid-to-late 80s you may need long-term care, and it is very expensive. To learn about how you may be able to address these expenses download our free report: Long Island Elder Law Report. Better yet, call 1-800-295-1917 to schedule an appointment with an experienced Elder Law attorney at the Law Offices of Kobrick & Moccia to discuss your particular needs and goals for your retirement.