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If you knew your date of death, retirement planning would be a breeze.
Unfortunately — or maybe fortunately? — you don't. And that can make planning for retirement extremely difficult. Does your nest egg need to last 20 years? 30 years? 40 years? And what about couples? How should couples go about planning for the likelihood that one spouse — usually the husband — predeceases the other?
Read moreThe Society of Actuaries has released the first in a series of easy-to-understand infographics explaining longevity. (Announcement page, graphic).
Take FINRA's 6-question financial literacy quiz to check your knowledge about the financial basics of interest, borrowing and investing. How did you do? Contact us if you have any questions about why understanding these concepts can be critical to improving your financial well-being.
Are you ready for step 4 for improving your financial well-belng (investing for long-term goals)? Check your knowledge of investing fundamentals with this 15-question quiz, also from FINRA (Financial Industry Regulatory Authority).
From Thayer Partners, LLC:
6 Believing Social Security is enough
5 Failing to plan
4 Thinking you won't get sick
3 Paying high investment fees
2 Thinking you know how you want to live (and not being flexible)
1 Not saving
Avoid these mistakes and take action to improve your financial well-being
The American Academy of Actuaries explains that "life expectancy" is the point where half the population will not live that long, and half will live longer. So if you're planning a retirement lifetime around "life expectancy," it means that you're betting your retirement income on a coin flip. Don't like those odds? Try the Actuaries' Longevity Illustrator to improve your chances of not out-living your income.
Steven Rattner's NY Times Op-Ed piece, "Pension Holders Need a New Retirement Plan, Not Stock Tips" has some good rules of thumb for retirement saving, including: