You do if…
- You are a reasonably healthy woman. If you retire at age 65, your life expectancy is age 811. Plus, it is becoming increasingly common for women to live well into their 90s and even pass the Century mark.
- You are a reasonably healthy man. Even though men generally have a lower life expectancy than women, your life expectancy at age 75 is still another 16 years2.
- You have children upon whom you do not want to become financially dependent if you outlive your income.
- You are single, with no dependents, and self-reliant. You are not counting on anyone to support you in your older years.
- You recognize that Social Security is not going to keep you in the lap of luxury. The average monthly benefit for retirees is just over $1,000, or a little more than $12,000 a year. As it is, about two-thirds of all retirees receive 50% or more of their retirement income from Social Security3.
1 “U.S. Mortality Drops Sharply in 2006, Latest Data Show,” National Center for Health Statistics. 2008
2 “U.S. Mortality Drops Sharply in 2006, Latest Data Show,” National Center for Health Statistics. 2008
3 “SSI Monthly Statistics,” Social Security Administration, April 2008
Figures quoted are for illustrative purposes only and are not necessarily indicative of past or future results of any specific financial product.
Material discussed is meant for general illustration and/or informational purposes only. Please note that individual situations can vary. Therefore, the information should be relied upon when coordinated with individual professional guidance.
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