Living Longer in Retirement – Are You Prepared?
Many of us may live to age 100 or more. But keep in mind that when it comes to preparing for retirement, a long life could have an effect on the amount you need to set aside to help be financially comfortable throughout your retirement years.
Why longevity matters
Retirement for boomers will last longer than retirement for their parents. The number of people ages 65 and older in the United States is expected to more than double by 2050, rising from 39 million today to 89 million, according to the Census Bureau. Some seniors will be retired for more years than they spent in the workforce.1
With a longer life comes a greater risk of outliving your retirement savings, so it’s important to plan ahead for more years in retirement. To see the big picture of how much income you may need to fund more years in retirement, use the Interactive Retirement PlannerSM. As you use the planner, remember investing involves market risk, including possible loss of the money you invest, so you may need to adjust for that fact.
Get the help you need
Talk with one of our Team MSRP Retirement Specialists if you have questions. Information provided by Retirement Specialists is for educational purposes only and is not intended as investment advice.
110 Ways Baby Boomers Will Reinvent Retirement, money.usnews.com/money/retirement, Emily Brandon, 2/16/2010