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.
-
Five Retirement Myths vs the RealityBelieving these myths about retirement could set you down the wrong path. Separating fact from fiction can help you approach your retirement with confidence.
-
Want an Encore Career in Retirement? Consider These Seven StepsBurnout, a need for a change and/or a desire to stay engaged often propel people to start a new professional chapter. This is how you can do it.
-
Want an Encore Career in Retirement? Consider These Seven Steps
Burnout, a need for a change and/or a desire to stay engaged often propel people to start a new professional chapter. This is how you can do it.
-
How Federal Retirees Can Make SSFA Repeals Work for ThemFrom higher Social Security benefits to increased spousal and survivor benefits, federal employees have much to gain from the Social Security Fairness Act.
-
How to Avoid These Five Costly Tax Mistakes That Many Retirees MakeMaking incorrect assumptions about tax brackets, tax-loss harvesting, charitable giving, estate taxes and more can cost you big-time in retirement.
-
Are You a Baby Boomer With $500,000 or Less Saved for Retirement?Here are seven ideas Baby Boomers can consider to help make the most of their financial resources for retirement.
-
Social Security Fairness Act Adds to Pressure on Safety NetWhile the law seeks to level the playing field for many federal employees, the sustainability of the Social Security system is now facing even more challenges.
-
Four Ways to Financially Embrace the Year of the Wood SnakeIn the Year of the Wood Snake, consider looking to the snake's traits of being strategic, cunning and alert to help guide your finances this year.
-
Five Wins for Federal Employees in the Social Security Fairness ActMore money means more opportunities and financial stability for current retirees and future retirees.
-
How Do You Know Your Insurer Can Afford to Pay Your Claims?Here's how to find out where your insurance company stands financially and whether it has a good track record with customers.
