Many Americans realize the importance of saving for retirement, but knowing exactly how much they need to save is another issue altogether. With all the information available about retirement, it is sometimes difficult to decipher what is appropriate for your specific situation.
Today we’ll address Life Expectancy:
Although you can’t know what the duration of your life will be, there are a few factors that may give you a hint.
You should take into account your family history — how long your relatives have lived and diseases that are common in your family — as well as your own past and present health issues. Also consider that life spans are becoming longer with recent medical developments. More people will be living to age 100, or perhaps even longer.
When calculating how much you need to save, you should factor in the number of years you expect to spend in retirement.
More information on What is my Life Expectancy?
Look for our post tomorrow on Future Health Care Needs.
San Diego Wealth Management is a boutique wealth management firm dedicated to helping our clients preserve and grow their wealth. We offer a variety of financial services but specialize in wealth management, asset management, wealth transfer strategies, income strategies and providing financial planning services. Please contact us with any questions that you may have.