Michael Bloomberg, billionaire mayor of New York, famously described sound financial planning this way:
"The best financial planning ends with bouncing the check to the undertaker."
But for most of us, that's apparently not going to happen. From Business Insider:
Here is some good news from the Center for Disease Control: by 2050, life expectancy in the U.S. will be 87.5 years.
Or at least we thought this was good news. According to a Northwestern Mutual study, it turns out that only 56 percent of American are financially prepared to live to age 75, and even fewer are prepared to live to 85 or 95. Women are expected to live even longer than men but they're even more in danger of outliving their finances.
Okay, so this comes from a financial planning services company. So maybe it's a little like looking to the Tobacco Institute for your information on tar and nicotine, but this all seems accurate. What will America look like when it's thronged with broke old people?