insta_photos / Shutterstock.com
Editor’s Note: This story originally appeared on NewRetirement.
We all ask the question, “How much do I need for retirement?” It is a very hard question to answer. The difficulty lies in the fact that it varies greatly depending on how long you live. Will you live to be 100, or 85? How long will your spouse live?
The good news is that you can have a good chance of living a long time.
The bad news? Life expectancy in the United States has fallen over the last two years. The Organization for Economic Cooperation and Development (OECD) found that life expectancy in the U.S. has decreased 1.6 years—the most of any country studied.
In many European countries, the average person lives to be 80 years or more. The U.S. has never exceeded 79 years of life expectancy. And life expectancy is worse by several years for people of color.
If you are lucky enough to live a long time, it is important to keep in mind that those long lives cost more — a lot more.
When you retire at 65 and live until age 100, you are retired for 35 years. That is only 10 years less than the 45 years you might have spent working. Have you saved enough? Here’s how to tell, and what you can do about it.
What Percentage of the Population Lives to 100?
Ameashi / Shutterstock.com
The overall chances of living to 100 aren’t actually that great. According to the World Economic Forum, there are over 500,000 centenarians among the 7.9 billion people worldwide. That means that only a 0.006% of the population is 100 or more.
Here are a few additional facts from the most recently available information from the Society of Actuaries and the Social Security Administration:
- One out of three males and one out of two females who are in their mid-50s today will live to be 90.
- For a couple who is 65 today, there is a 50% chance that one person will be alive at 92.
- If you have lived to be 65, you will likely live another 20 years, on average.
- If you live to be 75, the average life expectancy is 88.
- If you live to be 85, the average life expectancy is 92.
- And, if you live to be 95, the average life expectancy is 98.
LightField Studios / Shutterstock.com
Statistics are not your own reality. If you are wondering whether or not you will live to be 100, Caring.com suggests a few clues that predict longevity. Here is a sampling:
- You have lots of very old family members.
- You are spry …….