The Widow Penalty – It’s a Real Thing
Being a finance guy, I see firsthand the effects of today’s longer life expectancies. In the 1950’s, the average American could expect to live to about 69 years old, but thanks to significant developments in medicine, today the average retiree can expect to live to almost 80 years old – and that’s just the average₁. These days it’s not uncommon for any retirees to live well into their 80’s and 90’s, or even beyond. And while living longer is a good thing, it also means you need more money to get you through a longer retirement. If your retirement system was designed to support you for twenty years in retirement but you end up living for thirty years, you’ll find yourself in a real pickle for those last ten years.