Your best retirement starts with a realistic view of how long it might last
When it comes to retirement planning, many Canadians are flying blind because we have a tendency to underestimate how long we’ll live.that the first person to live to 150 is likely already alive. But I suspect they’re very young today – and no one reading this column will find out if that prediction comes true.published in the Journal of Behavioural and Experimental Economics, most people tend to underestimate how long they’ll live, especially as they get older.
Remember that this is just an estimate, but it will be more scientifically backed than the number you might have in your head. I was a bit surprised to find that my estimate was six years longer than I thought it would be. That was motivating. It’s no surprise that better self-reported health was also associated with higher expected longevity. But here’s the kicker: This connection underscores the link between taking care of your health and planning for a longer retirement. In other words, that gym membership might be a better investment than you thought.
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