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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).
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.