In 1935, when the Social Security Act was passed, 65-year old beneficiaries received payouts for an average of 12 to 15 years. Now, however, a couple aged 65 has an 85% chance of at least one of them will live past age 85 - which means providing for 20 years or more of income once you qualify for Social Security benefits.
The Social Security system wasn't built to sustain that long of a retirement - particularly not for 76 million baby boomers.
Longevity statistics are quoted as averages for both men and women, but keep in mind that men weigh the average down since women in modern times outlive men by about five to six years. Not only are women more likely to live longer than men, but they appear to be a factor in helping men live longer, too. On average, married men tend to live many years longer than single men.
One thing that is certain is that the Social Security system MUST change in order to keep up with demands. Call my team to discuss your options - before your choices are made for you.
Matt Nelson
President of Income For Life and host of Income For Life Radio
877-284-8929 toll free
www.IncomeForLife.org
"Do you ever lie awake at night, wondering what would happen if you were to outlive your retirement income? The thought of running out of money at a time in your life when you may be totally unable to replace it may be a major source of worry. Fortunately, you are not the first person to have this fear. And several decades ago, the life insurance industry decided to create a vehicle that helps to insure against this risk.” - Investopedia
Tuesday, August 12, 2014
Plan For A Long Life
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