Here are a few ideas that may help you solidify your financial plans: Keep in mind, a prudent plan should work no matter how long you live in retirement. In other words, planning can help you manage how long your money lasts. “But looking at these steps in the context of a comprehensive plan (that offers flexibility as circumstances change over time) can help provide long-term financial security.” “These are good first steps to enhance one’s current financial well-being,” says Oberland. On the bright side, respondents say they’re taking positive steps to pay down their debt, develop a budget, save a portion of their paycheck regularly, build up an emergency fund and organize financial documents. “Developing a plan to reach your goals provides confidence that you won’t outlive your savings.” “While Americans see the value in setting financial goals, not everyone has plans to achieve them,” says Greg Oberland, Northwestern Mutual executive vice president. Moreover, most feel their planning needs improvement. The research also shows that half of Americans take an informal approach to financial planning – if they have a plan at all. And only 36 percent say they feel prepared to live to age 95.
Less than half (46 percent) indicate they feel prepared to live to age 85. Only 56 percent of Americans surveyed say they feel financially prepared to live to age 75. The data reveals that many feel financially unprepared to live longer. This can mean more years to enjoy retirement – if your money lives as long as you do.Ī recent study from Northwestern Mutual took a look at Americans’ financial planning (and saving) habits. In fact, for couples aged 65, there is a 50 percent likelihood the husband or wife will live to age 94, according to the Society of Actuaries. These are important questions to ask, as Americans are living longer than ever before. Ever tried to calculate how long you might live? How much you’ll need to save for retirement? If you retire at age 65, are you financially prepared to live 30 more years? Or, will you outlive your money?
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