How long do you think you will live?
How long do you think you will live? Your answer will have major implications regarding Social Security benefits, when you retire and your portfolio withdrawal strategies during retirement. According to the JP Morgan Guide to Retirement, choosing to take your Social Security benefits at age 70 instead of age 62 can give you a 54% higher benefit (assuming you were born in 1960 or later). Why not give yourself a reality check on your own longevity? Consider taking the free Live To 100 Life Expectancy Calculator quiz on www.livingto100.com. It asks 40 questions and takes about 10 minutes to complete. Interestingly, if you are a couple, your life expectancy is much higher. According to the JP Morgan Guide to Retirement, if one member of a couple is currently 65, there is a 90% chance that at least one will live to 80, 74% chance one will live to 85 and a 48% chance one will live to 90. Continued medical advances will probably continue to increase longevity. If interested here is a link to how life expectancies have grown over time: http://www.demog.berkeley.edu/~andrew/1918/figure2.html Since average life expectancy continues to increase, you will need to plan on the probability of living much longer-perhaps 30+ years in retirement. If you want to discuss social security or your retirement, call us at 201-843-0044