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The problem with many of the online retirement savings calculators is that they use life expectancy averages. In the United States, the average life expectancy for a man is 76, while the average woman can reasonably expect to see her 81st birthday. What these calculators don’t take into consideration is that not everyone is average. Some of us will shed our mortal coil a little early, while others will cling on. In fact, it’s estimated that 13% of Baby Boomers and 23% of Millennials will get to enjoy a birthday cake with 100 candles on it. The difference between living to 81 and 100 is a whopping 19 years. Those are 19 years where you will need money for things like groceries, medical bills and possibly nursing home care. Even if you do a great job of putting money away for retirement, if you live until 100, you could drastically underestimate your saving needs and run out of savings. This is a situation in which no senior citizen wants to find themselves, especially considering the consistent predictions that Social Security, Medicare and Medicaid will all run out of money in the coming decades. Don’t plan for your retirement using an online calculator. Speak to a professional money manager who can help you plan smart for all possibilities, including 100 birthday candles in your future! Wealth and Wisdom Online Your personal CFO will provide you with the right solution that fits your lifestyle and financial planning. Our step by step process makes it easy for anyone to achieve their financial goals.
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investing for the future, 401K savings, smart investing,
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