According to the Social Security Administration, the average 65-year-old woman can expect to live to about 86.6 while a man that age on average will live until 84.3. In fact, one out of every four 65-year-olds today will live past 90, and one out of 10 will live past 95. As we live well beyond our traditional working years, it is important for retirees to have multiple sources of income heading into retirement. The days of relying on a corporate pension are long past. Unfortunately, too many Americans have not saved enough for retirement and rely too heavily on Social Security payments; they are not living their retirement years to the fullest, always having to live paycheck to paycheck.
Financial advisors need to start planning for retirement with their clients as early as possible. Here are some longevity planning considerations to keep in mind when speaking with your clients:
Victor Ngai is Assistant Vice President, The Guardian Life Insurance Company of America
