Tuesday, October 23, 2012

The Importance of Planning for Retirement



Some people think that retirement planning isn’t important because they won’t live until retirement. Consider...

Of 100 Men at AgeTheir Odds of Living to Retirement at Age 65
3084%
4085%
5088%
6094%

Of 100 Women at AgeTheir Odds of Living to Retirement at Age 65
3087%
4088%
5090%
6095%
Source: 2001 Commissioners' Standard Ordinary (CSO) Mortality Table; based on composite date (combination of smokers, nonsmokers and smoking status unknown); age nearest birthday

Not only will the vast majority of us live to reach retirement at age 65, but with advances in medical technology, we can also expect to live a substantial number of years after retirement. Consider...

A Man Who Is Currently Age:Has a Life Expectancy of Age:
3078
4078
5079
6081

A Woman Who Is Currently Age:Has a Life Expectancy of Age:
3082
4082
5083
6084
Source: 2001 Commissioners' Standard Ordinary (CSO) Mortality Table; based on composite date (combination of smokers, nonsmokers and smoking status unknown); age nearest birthday
The biggest financial risk that anyone faces during retirement is the risk that income will be outlived.

Don't let a lack of planning keep you from realizing your retirement dreams!


To Read the entire NFS October '12 Financial Facts, click here.

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