Here's the greatest challenge to retirement planning:
You may live a very, very long time.
That may sound like a silly "problem" — the kind of thing that only an actuary would worry about. But, in fact, the always-improving possibility that you could see your 90s or perhaps live beyond 100 is what makes it so difficult to manage that retirement nest egg..
If you knew for a fact that you were going to die on the day you turned 80, you could really live it up for the 15 or 20 years until then. But not knowing how long you'll need your money to last requires you to conserve it cautiously.
The National Center for Health Statistics reported on Wednesday that U.S. life expectancy has reached an all-time high. A baby born in 2009 can expect to live 78.2 years, and folks who have already have made it into their 60s tend to have higher life expectancies. At 65, the average person can expect to live to be 83....
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