Why, And How, To Plan For A Very Long Life

Provided by RBC Wealth Management and Brian Kroneberger, CFP®

When creating a long-term investment strategy, you need to think about your goals, circumstances, risk tolerance and liquidity needs. But you should also place considerable weight on one other factor: your projected longevity.

Your estimated life span can help determine how much you need to save and invest, how much you can afford to withdraw each year from your retirement accounts, how much insurance to carry, and how much you may be able to leave to your family.

Of course, none of us can say for sure how long we will live. We might look at our family history of longevity and our own health status for clues. But a growing body of evidence suggests a lot of us are actually underestimating how long we are going to be around.