What is the Average Life Expectancy for a 65-year-old?

Did you know life expectancy increases with age? It’s true! At birth, the average life expectancy for boys and girls is around 75 and 80, respectively. But every year you live, your life expectancy increases. So our question is this: What is the average life expectancy for a 65-year-old man and woman? 

Ready for the answer?

For females, the average 65-year-old can expect to live to 86 years old, and males can expect to live to 83. According to the CDC, as of 2019, a 65-year-old woman lived an average of an additional 20.8 years, and 65-year-old men lived an average of an additional 18.2 years.

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So what does that mean for your retirement plan?

Knowing the average life expectancy for someone your age helps you make informed decisions about your retirement plans. At minimum, you should have enough saved to carry you through the next 20 years, and potentially even longer. 

Those savings also need to account for rising inflation, potentially increased medical costs and general living expenses, like your mortgage. In addition, you likely will want to be doing things through those decades, like traveling or participating in hobbies – which will cost money.

Your retirement plan should account for:

  • Income streams, including part-time work or withdrawals from retirement accounts
  • General expenses, including food, shelter and transportation
  • Healthcare costs
  • Entertainment and travel
  • Debt payments
  • Insurance costs, including life insurance and long-term care insurance

A great rule of thumb here is that more is always better. Even though the average life expectancy is 83-86 years, many individuals will live far beyond that estimate. We suggest shooting for at least 30 years worth of expenses. 

Related: 8 Things to Consider in Your Retirement Plan

Investing at retirement age has different variables than other life phases as you’ll need to withdraw that money sooner. A financial advisor can help you create a realistic plan for maximizing your retirement funds in the long run. 

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