How long is a person likely to live? Who knows? but worthy of consideration is the forecast for longer life expectancies with baby boomers. On average, men who have reached 65 can expect to live another 15.5 years, women 19. Family history and personal health are obvious critical factors in this assessment.
The burning question is: who is going to pay for the massive retirement population that begins to become visible during the first decade of the coming century? Financial planners provide the following nugget of wisdom: Homeowners retire with an average net worth of $115,000, while nonhomeowners have $800 saved up at retirement.