Most people entering retirement today know that they may live a long time. Others still can expect a long life expectancy but potentially one that is impacted by one or more long-term care events. That’s why careful planning with a Massachusetts estate planning lawyer can help you look ahead to retirement with confidence and peace of mind should something happen to you.
According to recent research, more than 56% of all women currently aged 50 are expected to live longer than their life expectancy of 83 years. Furthermore, 55% of men are expected to outlive their expectancy as well. Although this might seem a bit strange, this skewed distribution has more people living longer than passing away early.
According to the Social Security Administration’s recent statistics, 30% of all 50-year-old women today will live to see their 90th birthday and up to 90% of men will as well. The most likely age for a 50-year-old man to pass away is 85 and for a 50-year-old woman, this number is 88. A woman is more likely to die at age 92 than her actual life expectancy of 83. These numbers have important implications if you are currently engaged in the estate planning process.
Thinking ahead about how you will fund your retirement and pass on assets to the future should be something you contemplate as you think about the legacy you have established over the course of your life. Ensuring that you have enough assets to support you through your retirement is crucial, but you may also be concerned about the rising costs of long term care.