Although many Americans now plan for a retirement up to 20 years, there is evidence that the average retirement may last much longer. Half of those currently aged 65 will live to be older than 85 years, according to the National Center for Health Statistics. What’s more, the latest U.S. Census found that the fastest growing segment of the U.S. older population (those at least 65 years old) is the 85 years and older group.
In other words, living nearly a century may someday soon be almost commonplace. As a result, rather than thinking of retirement as the final stage of life, a more realistic approach may be to view it as a progression of phases, such as early, middle and late. This involves taking a fresh look at retiree expenses and income, as well as withdrawal and estate planning strategies.
Click here to download the full document.