At SevenBridge Financial Group, retirement readiness is a cornerstone of our financial planning services. One key assumption that drives the results of the “What is your Number?” estimate is the life expectancy of our clients.
As we discussed in the introduction to this series, no two people are identical. Everyone has differences; genetic makeup and family health history, lifestyle, socioeconomic status, marital status, gender, geography, access to healthcare, and more. The Social Security Administration published the below Period Life Table. It indicates that, on average in 2017, a married couple in the United States at age 65 has a 20% chance that one of the spouses will live to age 95. This statistic is surprising to many and supports perceivably high life expectancy estimates in our retirement planning calculations.
Based on the statistics, our SevenBridge advisors utilize life expectancy estimates of 95 or 100 years, depending on the age of our client. It is our view that in retirement planning calculations, the element of conservatism should be employed to provide our clients with the best chance of retiring confidently and successfully.
Only a piece of the puzzle
There are many additional assumptions and factors to consider when setting your retirement date and answering the question, “What is my Number?” Next up in our series is Inflation.
Contact us today at 717-775-8662 to get started planning your retirement!
Clinton Smith III is a Sr. Wealth Advisor with SevenBridge Financial Group, a wealth management firm with offices in Harrisburg, PA and Denver, CO. SevenBridge Financial Group LLC (“SevenBridge”) is an SEC-registered investment advisor located in the Commonwealth of Pennsylvania.
SevenBridge Financial Group and its representatives are in compliance with the current filing requirements imposed upon SEC-registered investment advisors by those states in which SevenBridge Financial Group maintains clients. The views expressed in the referenced materials are subject to change based on market and other conditions. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. The information provided herein does not constitute investment advice and is not a solicitation to buy or sell securities.