Are You Planning To Live To Be 100?
April 8th, 2014
A new academic study suggests taking life expectancy into account when estate planning. In the paper, three economists from the Center for Retirement Research (CRR) at Boston College found that folks who expect to live longer plan, on average, to work longer too. And if a health shock or the earlier-than-expected death of a parent leads them to lower what the paper calls their “subjective life expectancy,” they tend to adjust their retirement planning accordingly.
This study discussed in Forbes arrives at a somewhat simple conclusion—if you want to live longer, you're going to have to work longer. Does this mean that you can put off your estate planning?
This recent Forbes article, “Essential Number For Retirement Planning: Your Personal Life Expectancy,” encourages everyone to get their strategies and planning documents in place now, so that you can enjoy your retirement when it does arrive.
Healthy people don't know their exact life expectancy, nor can they anticipate accidents, Acts of God, and other unforeseen circumstances. For that reason, we can use sound estate planning advice, and you can get that from an experienced estate planning and/or elder law attorney.
Resource: Forbes, January 21, 2014: “Essential Number For Retirement Planning: Your Personal Life Expectancy”