Retirement conjures certain mental images, but in reality it is just a word, not an entitlement. Any one of us could retire at any time; that is, as long as we can afford to no longer receive a paycheck. The same situation exists even after you reach your 60s. You must have the financial resources to function without working if you want to retire regardless of your age.
Once you digest the simple truth stated above you have to anticipate the length of time that you are going to have to pay your way after you put your working years behind you. This involves estimating your life expectancy.
While nobody knows exactly when they will pass away, if you have no particular life-threatening health concerns you can find out the average estimated life expectancy for people of your age and gender. The Social Security Administration website has a life expectancy calculator.
If you think about it, living perhaps 10 years beyond what you anticipated could wreak havoc with your financial situation late in your life, so it is important to act conservatively and estimate upward.
The best way to be prepared for the eventualities of aging is to sit down and discuss the future with a professional. If you are ready to do so, take action right now to set up an informative consultation with a licensed, experienced Ashland KY estate planning attorney.