There are a lot of things to take into consideration if you want to be prepared for the latter portion of your life. The plans that you make now are likely to have a significant impact on what you experience in the future.
Understanding your anticipated lifespan is an important part of the process. In 2012 the average life expectancy in the United States was 78.49 years according to a study conducted by researchers from Rice University and the University of Colorado at Boulder.
However, these are people of all ages and the life expectancy goes up as you get older.
2010 United States Census Bureau statistics indicate that the American population is aging. The numbers of senior citizens reached a record high in terms of the actual numbers of seniors living and the percentage of the population that they represent.
In addition to the above another factor that really gets your attention when you take a look at the census figures is that the segment of the population that is 85 years of age and older is the fastest-growing group of Americans.
The possibility of living into your mid-to-late 80s and beyond is definitely something to consider when you are engaged in your retirement and estate planning efforts. It can take some considerable resources to pay your way without working for 20 or 30 years.
Your anticipated lifespan can also impact the viability of certain estate planning techniques.
To learn more about planning for the contingencies that you may face as a senior citizen we urge you to download our free report: A Comprehensive Plan for Aging