Longevity Risking the Affect of Retirement Planning?
As the times go on, the 70’s are now the new 50’s in age. However U.S Life expectancy may be set to grow more. Why would this matter? Outliving your retirement savings, inflation, and health-related expenses is a very real thing.
Inflation is a top concern for retired Americans. In the long run, inflation has a huge impact on the buying power of retirement money. Even when inflation is low! While typically inflation only slightly increases the cost of goods and services year to year, it represents a serious risk and challenge for retirement income planning long term. Inflation’s impact is magnified over an extended period of time.
While keeping inflation in mind, there’s also health-related expenses to think about. While of course everyone feels the pressure of health costs, retired Americans get the brunt of it. Over the years, retirement healthcare costs really start to add up. Even when you don’t have to pay for daily necessities such as, prescription drugs, eyeglasses, or hearing aids you’ll have to be aware of any accidents, home health care visits, or things like copays!
Ultimately, we strongly believe a retirement financial plan can account for longevity in many ways however here are just a few:
- Retirement plans should be done with an outlook for long-term planning for an older age.
- This plan should include a number of things. Mainly for long-run projections for monthly budget needs.
- Depending on your needs, goals, and situations and having strategies for “can’t afford to lose” protection, and generating lifelong income.
GetSafe, we help thousands all over the US to achieve their financial and retirement income goals.
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