Life expectancies in the United States continue to increase. According to the Social Security Administration, a 65 year old woman in 1990 had a life expectancy of 84, while a 65 year old woman in 2019 had a life expectancy of 85.6. The life expectancy of men increased even more dramatically, from 80 to 83.1. The below chart shows the probability that a 65 year old will reach certain ages. Individuals should plan on living well beyond the average, especially those in good health and with a family history of longevity.
Source: Social Security Administration, Period Life Table, 2017
Increased longevity can have an impact on your retirement planning, reach out to an advisor today to find out how to maintain your purchasing power in retirement.