Ever wonder what the government thinks is your life expectancy?
For financial planning, one of the key determinants of success or failure is how long a retirement you will have. Studies show that outliving your nest egg is the #1 or #2 fear of most retirees.
When social security was created, the average recipient lived roughly 7-9 years on social security before passing away. That figure is long gone, as some retirees are planning for 30-35 years in retirement. The inputs and assumptions of a financial plan are very important. If you are currently doing a financial plan or looking to do one, here is a table of expectancies for various ages. In my opinion, at a minimum increase that number by 5 years for planning purposes.