2019 could be the year you retire, as it is for my youngest brother. He did the calculations and in May he will pull the plug on his work and become the last of my brothers to retire. As he is much younger than I am, he told me that he watched my health to help him make a decision about when to retire.
He is retiring a bit early, but all of my brothers did that. As I noted in an earlier post, this is the trend, most people retire earlier than their official retirement date. As part of your planning for retirement, people worry about how long their money will last. While this depends on how long they will live.
In Canada, the average life expectancy is 78.8 years for males and 83.3 years for females born in 2018. If you are 65 you can expect to live until you are 83.5 as a man and 86.6 as a woman, depending on which province you live in now. If you live in BC you could expect to live another 2 years on average.
In 2016, life expectancy at birth in the U.S. was 78.6 years, according to the Centers for Disease Control and Prevention. For men, it was 76.1 years, while for women it was 81.1. If you are 65 you can expect to live a few years longer.
The question about how long your money will last is tied to your life expectancy, or what you believe about your life expectancy. If you are healthy or have older siblings that are still healthy then you may have to consider that you may live longer than the average. As my brother tells me as long as I stay healthy, then he will continue to watch his money, but if I get sick and die before my 80's, he said he will start to spend more. All joking aside, it is important that you take care of your money as you retire because you don't know how long you will need the money.
He is retiring a bit early, but all of my brothers did that. As I noted in an earlier post, this is the trend, most people retire earlier than their official retirement date. As part of your planning for retirement, people worry about how long their money will last. While this depends on how long they will live.
In Canada, the average life expectancy is 78.8 years for males and 83.3 years for females born in 2018. If you are 65 you can expect to live until you are 83.5 as a man and 86.6 as a woman, depending on which province you live in now. If you live in BC you could expect to live another 2 years on average.
In 2016, life expectancy at birth in the U.S. was 78.6 years, according to the Centers for Disease Control and Prevention. For men, it was 76.1 years, while for women it was 81.1. If you are 65 you can expect to live a few years longer.
The question about how long your money will last is tied to your life expectancy, or what you believe about your life expectancy. If you are healthy or have older siblings that are still healthy then you may have to consider that you may live longer than the average. As my brother tells me as long as I stay healthy, then he will continue to watch his money, but if I get sick and die before my 80's, he said he will start to spend more. All joking aside, it is important that you take care of your money as you retire because you don't know how long you will need the money.
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