this post was submitted on 26 Aug 2023
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Most Americans don't understand average lifespan of retirees when planning for retirement (finance.yahoo.com)
submitted 1 year ago by Blaze@discuss.tchncs.de to c/personalfinance@lemmy.ml
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[–] deconstruct@lemm.ee 18 points 1 year ago

It's not just about the years spent in retirement, but what you're doing. This is something I heard from a financial advisor - Retirement happens in phases.

Go-go phase. Years spent in relatively good health. Add extra budget for travel or big-ticket items to enjoy, like an RV.

Slow-go phase. Staying close to home, maybe spending time with grandkids. Increased medical bills.

No-go phase. No travel, but largest medical bills.

[–] TheWoozy@lemmy.world 17 points 1 year ago (3 children)

This graphic has the info you're looking for: graph

[–] RagnarokOnline@reddthat.com 3 points 1 year ago

Holy smokes, only 30% of 65yo men live to be 90. For some reason I thought it was higher.

[–] Blaze@discuss.tchncs.de 2 points 1 year ago

Thanks for sharing!

[–] zzzzzz@lemmy.ml 12 points 1 year ago (3 children)

I gave up after looking for a clear answer after a few minutes. They really buried the lead.

[–] JWBananas@startrek.website 11 points 1 year ago (1 children)

The history of the phrase bury the lede is fascinating. Especially the part where they started spelling it wrong on purpose.

[–] zzzzzz@lemmy.ml 3 points 1 year ago

Interesting! Thanks for sharing!

[–] cheesebourgeois@hexbear.net 3 points 1 year ago (1 children)

on average in the u.s. a 65 year old man will live to 84 and a 65 year old woman will live to 87

the likelihood of making it to at least 90 are 30% for men and 40% for women

the likelihood of not living beyond 70 is 5-10% for men and <5% for women

there now we're all longevity literate

[–] zzzzzz@lemmy.ml 1 points 1 year ago

Thank you!

[–] Mikey_donuts@lemmy.world 1 points 1 year ago (1 children)

Thought it was lead for the longest time too

[–] zzzzzz@lemmy.ml 2 points 1 year ago

According to the article linked by @JWBananas, lead is correct. Printers changed it to lede in order to avoid confusion with another tool called a lead in the printing context.

[–] OpticalMoose@discuss.tchncs.de 10 points 1 year ago

One thing nobody points out is that those last 5+ years of your life, your health will probably be failing, physically and maybe mentally. If someone has to take over your finances and they aren't financially literate, your money will run out a lot sooner.

I'm not talking about someone stealing your money(which does happen), but someone who means well, but just makes bad decisions. There's no easy fix for it, but a living will helps.

[–] Deftdrummer@lemmy.world 9 points 1 year ago (1 children)

Who would have thought determining the retirement savings necessary would just be predicting your own death?

Stupid article and survey if you ask me.

[–] Blaze@discuss.tchncs.de 7 points 1 year ago (1 children)

Not rocket science for sure.

I was just looking for some content to keep this community active.

As always, PF is usually about people asking for advice, in the meantime we are stuck with this kind of articles.

Feel free to share any interesting article if you have any

[–] Deftdrummer@lemmy.world 1 points 1 year ago (1 children)

I hear ya, and I agree. I'm sorry. I'll hunt around for something to post.

[–] Blaze@discuss.tchncs.de 2 points 1 year ago

No worries, thank you in advance!

[–] argv_minus_one@beehaw.org 8 points 1 year ago

For most Americans, there is no such thing as retirement.

[–] Blapoo@lemmy.ml 3 points 1 year ago (1 children)

Can someone define this word for me?

"Retiree"?

[–] Patrizsche@lemmy.ca 2 points 1 year ago (2 children)

Someone who has stopped working for good because of old age

[–] sugar_in_your_tea@sh.itjust.works 6 points 1 year ago

Nah, age has nothing to do with it. It's merely someone who has stopped working because they no longer need an income to support themselves for the rest of their life.

[–] Frozengyro@lemmy.world 1 points 1 year ago

I would say someone who stopped working for their primary income. Some folks still work for the social aspect or to live a bit comfier. Typically I think those folks do far fewer hours though.