Exactly how much money you are going to need to finance your retirement years is going to have something to do with how long you live. While it is clearly impossible to circle the date on your calendar, it is quite possible to examine life expectancy statistics and use them as a general barometer.
If you were born today your average life expectancy would be 78.1 years. However, as you get older your life expectancy increases. For example, a man who celebrated his 62nd birthday earlier this month would have an anticipated life expectancy of 83.2 years. If this individual was to live to the age of 70, his life expectancy would rise to 85.4 years.
Should you be interested in putting your own numbers into a tool that provides you with your estimated life expectancy, you can find such a resource right here: Social Security life expectancy calculator.
In addition to helping you to get an idea of the period of time that you are going to have to budget for, understanding your life expectancy can be useful when you are considering your options regarding when you apply for Social Security. If you are not yet receiving your benefit you reach the age of full eligibility when you are somewhere between the age of 66 and 67.
But, you can start receiving your benefit when you are as young as 62 if you are willing to accept a reduced benefit. Alternately, you can delay retirement until you are as old as 70 and your benefit will be larger when you do start receiving it.
Having an understanding of your projected life expectancy (and that of your spouse) can impact when you decide to start receiving your Social Security benefit.
Careful planning with the benefit of expert guidance is the key to a secure retirement. If you are ready to get started, take action right now to arrange for a consultation with an experienced and savvy Indianapolis retirement planning lawyer.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.