How long are you likely to live? Outliving your retirement resources is a potential risk for many Americans. Most retirement planning scenarios project a 30 year retirement span but what if you live past 100?
According to The Wall Street Journal (4/26/22), the world’s oldest verified individual, Kane Tanaka of Japan, born January 2, 1903, died April 19 at age 119! The next oldest living person is 118 year old Lucile Randon, a French nun born February 11, 1904!
Estimating your longevity is one of the first steps in retirement planning. A variety of longevity calculators can help you estimate how long you are likely to live.
How to Estimate Your Life Expectancy: https://money.usnews.com/money/retirement/articles/2016-03-21/how-to-estimate-your-life-expectancy
American Academy of Actuaries and Society of Actuaries, Actuaries Longevity Illustrator: https://www.longevityillustrator.org/
Abaris How Long Will I Live? Developed by Professors at the University of Pennsylvania
Northwest Mutual Longevity calculator http://media.nmfn.com/tnetwork/lifespan/#0
Actuaries Longevity Illustrator: http://realdealretirement.com/toolsresources/lifestyle/(The Longevity Illustrator is based on just 4 items; there are many factors that affect how long one might live.)
Remember that you have a 50% chance of living longer than the estimates provided.
Source: Financial Planning for Women