Have you calculated the amount of annual income that you will need for retirement?

The amount depends largely on your life expectancy. Life expectancies are stated as statistical averages, meaning you could live more years or fewer years than the life expectancy average. While about 50% of all people could die before their life expectancy, another 50% are expected to live beyond it.

Life expectancies are on the rise. With medical advances and improved lifestyles, life expectancies are increasing. If most people retire between age 55 and 65 and live well into their 80's, that's 20 to 40 years to plan - and save - for.

The current Social Security system is projected to become insolvent in 2029 due in part to the fact that the ratio of workers paying FICA or Social Security tax is declining, and the number of Social Security recipients is rising. In 1950 it took 16.5 workers to pay for 1 retiree. Today the ratio is about 3.3 for every 1 retiree. And, by the year 2030, there will only be 2 workers for each Social Security recipient.

Warren Steinborn Associates is here to assist you in calculating your life expectancy and the estimated amount you will need for retirement.

Securities and advisory services offered through National Planning Corporation (NPC), Member FINRA/SIPC, a Registered Investment Advisor. Warren Steinborn Associates and NPC are separate and unrelated companies.
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