Longevity Means a Well-Rounded Financial Plan is More Important Than Ever
Americans are living longer than ever before. Medical technology has increased the average life expectacy of a male to 83 years and the average female to 85 years. As the average life expectancy for an American is now in the mid-eighties, retirees need to financially prepare for decades of retirement more than ever before. Keep in mind, however, increased longevity comes increased expenses. Medical expenses can skyrocket in later years, stretching an already-thin budget even more.
Many Americans hope to retire around the age 65. This means you could spend a quarter of your lifetime in retirement. On average, you can expect to live 17.7 years after retirement if you are a male and 20.3 years if you are a female. Living off of the money you have saved can be a challenge for even a modest spender. The sooner you develop a comprehensive retirement plan with a licensed professional, the sooner you can feel confident in your future financial security. A strong, balanced financial plan empowers retirees to have financial resources throughout retirement. Everyone should have a strategic financial plan in place that provides them with a monthly source of income, in addition to social security.
There are several key components of a sound financial plan. A financial plan should keep adequate income flowing to prevent you from lowering your standard of living, or reentering the workforce if you live much longer than expected. Social Security only accounts for about 50% of what the average person needs to maintain their basic standard of living. A comprehensive insurance plan protects your assets, and life insurance offers your spouse financial security in the event that you pass.
At Senior Health Solutions, LLC, our St. Louis insurance professionals specialize in helping people thrive throughout their later years by creating proactive financial and insurance plans. We help you find the insurance for your needs and budget. You can schedule a no-cost consultation and receive a free planning guide by calling us at (636)244-4415, or contact us online.