53% of Older Americans Make This Miscalculation That Could Destroy Their Retirement
Contemplating our own mortality is by no means an easy thing to do from both a mental and logistical perspective. But it's an important thing nonetheless in the course of retirement planning.
Your projected life span could inform decisions like when to file for Social Security or how much of your retirement savings to withdraw on an annual basis. But new data from the Society of Actuaries (SOA) reveals that more than half of Americans are selling their life expectancy short.
In a survey of adults age 50 or older, 53% underestimated their life expectancy to some degree. And while 25% were off by under five years, the rest of those who miscalculated their life expectancy were off by a much more substantial time frame.
Source Fool.com
