When couples plan their retirement, they should take into account a simple fact of life: On average, women live longer than men. A woman who reaches 50 is likely to live to 83, while a man who reaches 50 is likely to live only to 79. A healthy 65-year-old woman will live, on average, to age 85, while the typical 65-year-old man will live, on average, to 82. This basic principle is important when it comes to retirement planning.
Gregory Ricks is the founder and CEO of Gregory Ricks & Associates, a Registered Investment Advisory Firm, as well as an insurance professional and radio host of "Winning at Life." He is also the founder of Total Wealth Authority, a team of outside financial, tax and estate planning professionals.
Kevin Derby contributed to this piece.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
-
Even Stars Need Healthcare: What Venus Williams' Story Tells Us About Retirement PlanningDon't let health insurance costs force you back into the game. Start planning now to ensure your early retirement is forever.
-
Humana to Cut Prior Authorizations for Medicare Advantage Plans by 2026Humana, the second-largest provider of Medicare Advantage Plans, has pledged to streamline the often frustrating Prior Authorization process.
-
A Financial Planner's Guide to Unlocking the Power of a 529 Plan529 plans are still the gold standard for saving for college, especially for affluent families, though they are most effective when combined with other financial tools for a comprehensive strategy.
-
An Investment Strategist Takes a Practical Look at Alternative InvestmentsAlternatives can play an important role in a portfolio by offering different exposures and goals, but investors should carefully consider their complexity, costs, taxes and liquidity. Here's an alts primer.
-
Ready to Retire? Your Five-Year Business Exit StrategyIf you're a business owner looking to sell and retire, it can take years to complete the process. Use this five-year timeline to prepare and stay on track.
-
A Financial Planner's Prescription for the Headache of Multiple Retirement AccountsHaving a bunch of retirement accounts can cause unnecessary complications. Consolidation can make it easier to manage your savings and potentially improve investment outcomes.
-
Overpaying for Financial Advice? A Financial Planner's Guide to FeesTake five minutes to review how much you're paying for financial advice. If you're overpaying, you could be better off with an adviser who charges a flat fee.
-
The Big Red Bucket Theory: A Financial Adviser's Simple Way to Visualize Your Retirement PlanWhen you think about retirement, picture a big red bucket brimming with all the money you've saved. It's everything you've got, and it has to last you.
-
Are You a Doormat at Work? The Hidden Cost of Excessive People-PleasingI talked to the author of the upcoming book 'Fawning,' and she explains how the 'fawn' response can lead to blurred boundaries, difficulty asserting needs and a loss of self, with serious emotional consequences like anxiety and PTSD.
-
A Guide to Personalizing Your Retirement Plan for Maximum ImpactThis strategy challenges conventional retirement rules of thumb by combining traditional savings, home equity and annuities to provide higher income and liquid savings and help cover long-term care costs.
