According to Fidelity Investments, "Retirees in America are living longer, thanks in part to medical advances." The Social Security Administration reports, a man who reaches age 65 will live on average until age 84. A 65-year old woman will live to an average age of 86. One out of every four 65-year olds today will live past age 90, and one out of ten will live past age 95.
While living longer, healthier lives is wonderful, a longer life expectancy means you must accrue enough savings during your working years to cover your living expenses in retirement for 20 years or more.
Consider these 3 simple retirement savings strategies:
1. Start with your workplace savings plan. 401 (k), 403 (b) or 457 plan.
2. Add an IRA
3. Set up an automatic investment plan
We will talk more about each of these in the next three posts, so stay tuned!