New financial wisdom says when you're planing for retirement, don't plan to live forever. Finance experts are learning that while the old rule of withdrawing 4 percent of your saving every year will last 30 years, most people won't last that long.
The rule of four percent basically means if you start taking retirement at the age of sixty-five, by only drawing four percent from your savings every year, you'll have enough money to last you until you are ninety-five years old.
USA Today's Medora Lee says retirees can now get a custom plan that can help better balance between health span and lifespan. More and more financial planners are using health factors, family history and lifespan expectancy to adjust retirement payouts.
With the life expectancy of a male with type 2 diabetes to be in his late 70s, and the average woman with the same condition living into her early 80s, Medora said many Americans are leaving money on the table. She suggests having regular face to face meetings with your financial planner.