Longevity Planning for Retirement

One in every four adults over sixty-five years of age will live past ninety years old. This statistic represents the ever-present realization that many Americans are living beyond their traditional working years. Accordingly, it is essential to consider longevity planning issues for retirement.

The main planning tip to give your clients is to start saving early for retirement. Most Americans have employer-sponsored retirement accounts that they should start contributing to as early as possible, providing large growth over time. Retirees should also have access to various types of savings accounts to help effectively manage income taxes. Another suggestion to help supply additional income for clients is staying in the workforce longer in order to offset an increased life expectancy. Working longer will allow for increased savings. In addition, life insurance can be used to provide for your beneficiaries, allowing the retiree to consume their retirement assets during their lifetime.

See Victor Ngai, Six Longevity Planning Tips to Discuss with Clients, Wealth Management, April 19, 2017.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.