5 Ways to Increase Your Chances That Your Retirement Income Lasts
Today’s near retiree (Americans age 55-65) most likely began their working career in the 1980’s. At that time, the life expectancy of a typical retiree was 14.1 years. Most recent data shows that a 65 year old can expect to enjoy an 18.1 year retirement (Statista). Four years may not seem like a long time, but it represents needing 28.37% more in income during retirement than we originally planned on needing. This is a major reason why 60% of Americans fear running out of money during their retirement (NBC News). This fear creates anxiety, concern, and panic that lifestyles will need to change and legacies will not be passed on to loved ones.