Money Minute: Why you should financially prepare to live a long time
Rod Meloni, Reporter, CFP ®
A lot of people do a lot of planning to deal with early life changes.
They buy life insurance, they do estate planning to plan ahead -- but on the flip side of that -- you also need to plan to live a long time.
If you’re over 50 years old you should take advantage of catch-up provisions in qualified savings plans. Turning 65? Consider long-term care insurance and saving more aggressively.
According to the Social Security Administration:
Women turning 65 are likely to live to 84.5.
Men turning 65 are likely to live to 82.
1 in 3 adults turning 65 will live to 90.
1 in 7 adults will live to 95.
You can learn more by visiting the United States Social Security Administration’s website, just click here.