Rethinking Retirement – Is Saving Until 95 Really Necessary?

As retirement planning continues to evolve, one critical question remains: Is it necessary to plan financially for living up to age 95? According to a recent white paper from retirement software firm HealthView Services, while planning to age 95 has become a common guideline, it may not be necessary for everyone. The report provides an in-depth look at longevity and its impact on retirement savings, revealing that most Americans are unlikely to reach age 95, particularly those with chronic health conditions. This reality influences financial advisors’ actuarial longevity projections to guide retirement planning.

The paper underscores the importance of personalized retirement strategies rather than one-size-fits-all rules. It emphasizes the need for advisors to base their guidance on detailed actuarial data, considering an individual’s health status, financial goals, and the needs of any dependents or survivors. This approach ensures that plans are not only realistic but also sufficiently robust to cover potential longevities without overextending financial resources. By focusing on reality-based planning, retirees can better manage their funds to enjoy comfortable and secure golden years, empowering them with a sense of control and capability.

For a deeper exploration into these insights, read the full white paper.

The foregoing material is for information purposes only and does not purport to be a complete description of the material referenced herein, nor is it a recommendation. The information has been obtained from sources considered to be reliable, but there is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Any opinions are those of J. Blum & Associates Wealth Management and not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice. There is no assurance that any investment strategy will be successful. Every investor’s situation is unique, and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

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