Are you sure your retirement plans cover how long you might live?
Even if you’ve been diligent about saving and investing, it's important to consider if your money will last as long as you do. A recent study found that many people don't fully understand how long they might live which can affect how much they save for retirement.
To get a better idea of your life expectancy, you can use online calculators that consider factors like your age, family history, and lifestyle habits. Here are a few options:
Blueprint Income
Blue Zones True Vitality Test
Living to 100
Project Big Life
If you're over 50, there are also ways to improve your financial situation:
Talk with a financial planner to create a solid retirement plan.
Take advantage of catch-up contributions to retirement accounts.
Consider converting traditional IRAs to Roth IRAs to potentially save on taxes.
Maximize Social Security benefits by waiting until your full retirement age to start receiving them.
Understanding your longevity and taking steps to secure your financial future can help ensure a comfortable retirement.
Comments