Retirement Income Planning
In 1935, when the Social Security Act was passed, 65-year-old beneficiaries received payouts for an average of 12 to 15 years.4 Now, however, a couple age 65 has a 70 percent chance that at least one of them will live to age 85 – which can mean providing for 20 years or more of income once you qualify for Social Security benefits. Furthermore, Social Security is not intended to be a retiree’s sole form of income.
Average Life Expectancies Through the Ages
Those longevity statistics are quoted as averages for both men and women, but keep in mind that men weigh the average down because women in modern times outlive men by about five to six years. Not only are women more likely to live longer than men, but they appear to be a factor in helping men live longer, too. On average, married men tend to live many years longer than single men.