A newborn in 1960 in the U.S. could expect to live just less than 70 years; today's life expectancy is 78. But if you are already 65, you'll probably make it to 85 and could easily live well into your 90s. Spend five minutes figuring out how many years you have left statistically speaking by doing the math at longevitycalculator.aarp.org. You may be shocked. I know I was when my inputs translated into my living to age 96. This unprecedented longevity is a blessing, of course. But it's also expensive to live so long; these bonus years are the reason our pension systems have begun to fail. You'll need to take good care of your savings now and plan in retirement to draw them down conservatively over at least 30 years.
See more about how much money you can withdraw each year:
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