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Retirement Conundrum—Spend Now or Save for Later?

(By – Carrie Schwab-Pomerantz, Community Table)

Dear Carrie,
A friend recently told me that her financial advisor suggests using age 95 as a life expectancy when planning for retirement. Is this realistic? If so, my wife and I would be afraid to spend a dime. What about living for today?

Dear Reader,

With the Social Security Administration (SSA) predicting that one out of every four 65-year-olds today will live past 90 and one out of ten will live past 95, your question is spot on. But the catch is, how can you know if you’ll be one of them? In financial terms, that’s called “longevity risk.” Because you can’t predict how long you’ll live, most advisors would counsel you to err on the side of caution.  Read more…

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