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A crucial part of retirement planning is life expectancy. How long a person expe

by | Nov 23, 2021 | Business | 0 comments

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A crucial part of retirement planning is life expectancy. How long a person expects to live is critical in determining the amount of money needed for a comfortable retirement. As such, a lot of thought and number crunching must be completed prior to the effective date of retirement.
According to the Bureau of Labor Statistics, the average retirement age in the United States is approximately 62 for women and 65 for men, with the average life expectancy for men at 75 years and women at 80.5. Taking this into account, an individual’s retirement savings would need to last between 10 (men) and 18.5 (women) years. Notwithstanding, don’t be fooled by these longevity numbers; there is a good chance that many individuals will live well beyond the above averages. Are you one of them?
To have a comfortable, financially secure, and enjoyable retirement, you need to build the financial cushion that will fund it all. As with most retirees, or those getting close to retirement, it is fun to dream and start preparing for life after employment, but it makes sense to pay careful attention to the serious and perhaps boring part – planning how you’ll get there.
As discussed earlier in the semester, retirement planning starts with contemplating what retirement looks like, setting financial goals, then saving and investing to meet those goals. So….with the following simple set of facts:
Imagine you are 62 years old, either married or with a life-long partner who is also 62 years old. You both are in excellent health, physically and mentally.
You both have been wise savers throughout your professional careers and have taken advantage of every retirement account (IRA’s, 401k’s, personal savings, etc.). As of June 30th of this year, you have amassed investable assets of $1.35 million. You own a modest home in Denver, Colorado with a current value of $450,000, with no mortgage.
Each of you are fairly conservative in your investment attitude and don’t necessarily trust the stock market.
Both of you have decided to start receiving Social Security payments at age 66, the earliest available time period with expectation of full benefits. One person will receive $2,100/month and the other $1,750/month. This will provide $46,200/year in taxable income.
Medical expenses, living expenses, and travel costs are estimated to be $78,500/year.
The assignment – Prepare a financial investment plan with the expectation that you will need spendable assets until the ripe old age of 90 for both participants. What I am looking for is a plan to invest the amount of assets provided above, with the goal of meeting the time horizon for retirement, paying all expenses, and following your need to remain somewhat conservative in your investment philosophy.
The ideal plan will present the type of investment (stocks, bonds, real estate, annuities, commodities, etc.), amount of money to be invested in each type, length of investment, and how monies will be available to be spent whenever necessary (for example, each year on December 31st, you will be required to pay $5,000 in property taxes).
Please understand, the goal of the assignment is to make you aware of the need to invest short-term (for expenses within 1-3 years), mid-term (for expenses 4 – 8 years), and long-term (9-years or longer).
The plan can be presented pretty much any way you think is best; however, if it were me, I would piece together a plan that is simple and straight forward with a table illustrating the type of investment, amount to be invested, and the time horizon for such investment. This would be followed by a short statement explaining why this investment plan will work.
Grading will be based on (1) the totality of the investment plan, (2) investment logic, and (3) reasonableness of your explanatory statement. The final work product should be only two pages – one for the chart of investments, and two, the written commentary supporting the plan.

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