ANTICIPATED LIFESPAN IMPACTS PLANNING EFFORTS
It is important to gather all the relevant information when you are making plans for the future. With this in mind your anticipated lifespan is something to be aware of, and at the present time the average lifespan among all people in the United States is 78.1 years.
However, depending on how old you are and whether or not you are a man or a woman your expected lifespan can vary considerably. As you get older it becomes more likely that you will live beyond this average of 78 years, and women on average live longer than men.
To find out exactly where you stand at any given time you can use the life expectancy calculator tool that is available on the Social Security Administration website.
Your longevity is going to dictate your financial need as you are planning for retirement, and it is also useful when you are deciding when to apply for Social Security. You can apply when you are as young as 62 but you would receive a reduced benefit. However, you would receive your benefit for a longer period of time so your anticipated lifespan is a relevant factor to take into consideration.
The reality is that averages are just that; we never know with any certainty when that fateful time will arrive. But at the same time these averages will provide you with a basic framework to draw from as you are making plans for the future.
If you would like to discuss a holistic plan for aging with an expert, don't hesitate to pick up the phone to arrange for a consultation with a licensed, experienced, and savvy Redlands CA retirement planning lawyer.