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How Much Do You Need for Retirement If You Will Live to Age 100?

Money Talks News Logo By Kathleen Coxwell of Money Talks News | Slide 1 of 9: Editor's Note: This story originally appeared on NewRetirement. We all ask the question, “How much do I need for retirement?” It is a very hard question to answer. The difficulty lies in the fact that it varies greatly depending on how long you live. Will you live to be 100, or 85? How long will your spouse live? The good news is that you can have a good chance of living a long time. The bad news? Life expectancy in the United States has fallen over the last two years. The Organization for Economic Cooperation and Development (OECD) found that life expectancy in the U.S. has decreased by 1.6 years — the most of any country studied. In many European countries, the average person lives to be 80 or more. The U.S. has never exceeded 79 years of life expectancy. And life expectancy is shorter by several years for people of color. If you are lucky enough to live a long time, it is important to keep in mind that those long lives cost more — a lot more. When you retire at 65 and live until age 100, you are retired for 35 years. That is only 10 years less than the 45 years you might have spent working. Have you saved enough? Here’s how to tell, and what you can do about it. It’s not the usual blah, blah, blah. Click here to sign up for our free newsletter. Sponsored: Add $1.7 million to your retirement A recent Vanguard study revealed a self-managed $500,000 investment grows into an average $1.7 million in 25 years. But under the care of a pro, the average is $3.4 million. That’s an extra $1.7 million! Maybe that’s why the wealthy use investment pros and why you should too. How? With SmartAsset’s free  financial adviser matching tool. In five minutes you’ll have up to three qualified local pros, each legally required to act in your best interests. Most offer free first consultations. What have you got to lose? Click here to check it out right now.

How Much Do You Need for Retirement If You Will Live to Age 100?

Editor's Note: This story originally appeared on NewRetirement.

We all ask the question, “How much do I need for retirement?” It is a very hard question to answer. The difficulty lies in the fact that it varies greatly depending on how long you live. Will you live to be 100, or 85? How long will your spouse live?

The good news is that you can have a good chance of living a long time.

The bad news? Life expectancy in the United States has fallen over the last two years. The Organization for Economic Cooperation and Development (OECD) found that life expectancy in the U.S. has decreased by 1.6 years — the most of any country studied.

In many European countries, the average person lives to be 80 or more. The U.S. has never exceeded 79 years of life expectancy. And life expectancy is shorter by several years for people of color.

If you are lucky enough to live a long time, it is important to keep in mind that those long lives cost more — a lot more.

When you retire at 65 and live until age 100, you are retired for 35 years. That is only 10 years less than the 45 years you might have spent working. Have you saved enough? Here’s how to tell, and what you can do about it.

It’s not the usual blah, blah, blah. Click here to sign up for our free newsletter.

Sponsored: Add $1.7 million to your retirement

A recent Vanguard study revealed a self-managed $500,000 investment grows into an average $1.7 million in 25 years. But under the care of a pro, the average is $3.4 million. That’s an extra $1.7 million!

Maybe that’s why the wealthy use investment pros and why you should too. How? With SmartAsset’s free financial adviser matching tool. In five minutes you’ll have up to three qualified local pros, each legally required to act in your best interests. Most offer free first consultations. What have you got to lose? Click here to check it out right now.

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