The Value of an Objective Opinion

The Importance of Timing

Although genetics can play into one’s life expectancy, a survey by the Society of Actuaries showed that there is a disconnection between how long people expect to live and the age their oldest family members reached. Despite half of retirees and pre-retirees reporting that they had a family member who lived longer than 90 years, both groups expected to live an average of six years less than their oldest-living family member.

Another challenge to planning your retirement income is estimating when you’ll retire. Plan as you may, this can be a variable you can’t control — largely due to employer changes, like closures or downsizing, or potential health issues you or your loved ones may experience. In fact, the age people expect to retire is often higher than the actual age at which most people retire. In recent years, 33 percent of workers have indicated they expect to retire after age 65. At the same time, studies show that only 16 percent of Americans actually retire at age 65. Presently, the median retirement age is 62, and about 35 percent of retirees retired before age 60.

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