Studies show that if you’re turning 65 now, you have a one in three chance of living past 90 if you’re a woman and a one in four chance if you’re a man. So, save accordingly!
Those numbers are, of course, for a general population. If you search “life expectancy calculator” in Google, you will find a number of different sites that can take your specific circumstances into account to give you a more accurate prediction of your life expectancy.
In order to make sure your money lasts, Bushwick Center for Rehabilitation and Nursing has six tips to make sure that you don’t outlive your savings.
- Stay on Budget
You can search for retirement income calculators or talk to a financial advisor to make sure that your Social Security and retirement accounts will be enough to keep you going even if you live past your expectations.
- Be Aware of Your Own Needs
Studies show that among the parents who helped their adult children during the COVID-19 pandemic, around 80% percent of them—to the tune of an average of $4,100—said that they would have used that money to improve their own financial situation instead.
- Defer Social Security Payments
The longer you can hold off on taking Social Security payments, the more money you will take in per month. If you delay taking payments from age 62 until the full retirement age (either 65 or 67 depending on when you retire), you will get 25-30% more per month. If you wait until after retirement age, you’ll get around 8% more for each year you delay.
- Review Your Health Coverage Plans
Depending on your medical needs, review your coverage during open-enrollment periods. Medicare’s Plan Finder can make sure you’re not buying more coverage than you need.
- Stay Involved in the Work Force
Of course, this doesn’t mean carrying a 40-hour-per-week job, but many people do work into their 70s and beyond at something they find fun. This could include working part-time at a craft store or at a golf course.
- Review Your Investments
Consult your financial planner to see how aggressive you can be with part of your savings in order to try and drum up more money while keeping part of your nest egg safe at the same time.
To learn more about Bushwick Center for Rehabilitation and Nursing and all of the services they offer, visit http://bushwick-center.facilities.centershealthcare.org.
