When couples plan their retirement, they should take into account a simple fact of life: On average, women live longer than men. A woman who reaches 50 is likely to live to 83, while a man who reaches 50 is likely to live only to 79. A healthy 65-year-old woman will live, on average, to age 85, while the typical 65-year-old man will live, on average, to 82. This basic principle is important when it comes to retirement planning.
Gregory Ricks is the founder and CEO of Gregory Ricks & Associates, a Registered Investment Advisory Firm, as well as an insurance professional and radio host of "Winning at Life." He is also the founder of Total Wealth Authority, a team of outside financial, tax and estate planning professionals.
Kevin Derby contributed to this piece.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
-
GameStop Is Closing More Stores — Here’s Where to Shop InsteadAs GameStop closes more locations, here’s how to score similar deals on games, consoles and collectibles at other major retailers.
-
Tariff Turmoil Overshadows Strong March Jobs Report: What the Experts Are SayingThe March jobs report came in stronger than expected, but the good news is being overshadowed by President Trump's trade war.
-
Q1 Post-Mortem: The Market Shifts You Don't Want to IgnoreAs the second quarter gets underway, here are some takeaways from the market's first-quarter performance to consider as you make your investment decisions.
-
How to Replace a Corporate Trustee (and Make Other Trust Changes)The right choice of trustee today may not be the right choice for trust beneficiaries in the future. Here's what you should know.
-
How to Balance Your Insurance Expectations vs the RealityJust because you have an insurance policy doesn't mean that you're totally covered in the event something bad happens.
-
How Building Liquidity Into Your Retirement Plan Can Pay OffTo succeed in investing for retirement, you need time and discipline — liquidity can give you both.
-
Striking Oil in Opportunity Zones: Now Might Be the Best Time to InvestYou could unlock hidden wealth in QOZs with strategic oil and gas investments, potentially combining tax advantages with long-term growth in an essential industry.
-
What You Don't Know About Annuities Can Hurt YouLack of awareness leads many to overlook these potent financial tools, and with the possibility of running out of money in retirement, that could really hurt.
-
Three Keys to Logical Investing When Markets Are VolatileFocusing on these market fundamentals can help investors stay grounded rather than being swayed by emotion or market hysteria.
-
Yes, the Markets Are Spooked, But You Don't Have to BeIt's human nature for investors to freak out in a downturn. But with a little discipline, you can overcome the urge to sell and stay focused on long-term goals.
