Different demographics are having longer life expectancies, but all of them should get their affairs in order.
No one knows the exact length of his or her life until the end.
Did you know estimated life expectancy varies depending on certain factors and demographics?
According to a recent Trust Advisor article titled “The Rich Are Living Longer And Taking More From Taxpayers,” says studies show the wealth of an individual can be an indicator of his or her length of life.
While wealthier Americans are living longer, most Americans are trending toward shorter lives.
The poorest fifth of Americans have a life expectancy of age 76, while the richest can expect to live to around 89 years on average.
This is a gap of about 12.7 years.
In the 80s, the rich could only be expected to live about five years longer than the poor.
What are the causes?
There could be a number of reasons—including a gap in health care access, suicide, obesity and substance abuse.
What does this mean for retirement planning?
Because of longer life expectancies, the wealthy will receive more Social Security payouts over the course of retirement.
Will Social Security cover all their needs?
The wealthy and poor should both plan financially for retirement.
Do not delay.
Work with an experienced financial advisor today.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Trust Advisor (April 24, 2017) “The Rich Are Living Longer And Taking More From Taxpayers”