Hopefully retirement comes to those who want it. But are you ready for it? According to the Social Security website a man and woman who reach 65 today can expect to live on average until 84.3 and 86.6 years respectively.
Check out the website to calculate your own specific life expectancy using the life expectancy calculator. This is an important number to ensure there are sufficient funds to help you live your life comfortably. Start planning when you would like to retire and deduct your life expectancy age. Then you know how many years to plan for.
Carefully project your income from all potential sources, like social security, pensions, and 401K plans etc. Also hopefully there are some other assets in your portfolio, including some sort of real estate, business or stock holdings from which you can drawn on if needed.
After this analysis, are you ready? Or do you have more planning to do? Please comment.