Is It Possible To Live Too Long?
The risks of living a long life and not having enough money to pay for that life. How to plan for a long life. Retirement planning, annuities, social security, insurance and saving strategies.
Key Takeaways
- Delay claiming Social Security as long as possible—claiming later can result in $100,000+ more in lifetime present value and significantly higher monthly income if you live long
- Focus retirement planning on the second spouse to die, not just the first retiree, since longevity risk peaks for the surviving spouse
- Consider converting a portion of assets into an annuity for guaranteed lifetime income, deciding upfront what percentage to annuitize and whether to include survivor benefits
- Purchase long-term care insurance to protect the surviving spouse's assets from being depleted by the first spouse's medical costs
- Balance your asset mix carefully—too-conservative investments limit growth needed for a long retirement, while excessive risk exposure to market downturns can deplete funds needed for longevity
Is It Possible To Live Too Long? The risks of living a long life and not having enough money to pay for that life. How to plan for a long life. Retirement planning, annuities, social security, insurance and saving strategies.
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