Your financial plan needs an age at which you stop earning, spending retirement savings, and paying for life’s ordinary surprises. The trouble starts when that age quietly becomes a prediction of your death. Plan for too short a life, and your money could run out while you still need it. Plan for a longer life, and you might save more than necessary or delay spending money you could enjoy today.
A reasonable retirement plan often needs to account for living into your 90s, even if that feels like an awfully long time to keep paying property taxes. The right planning age depends on your health, family history, retirement date, finances, and tolerance for risk. More importantly, it helps to separate the age used to test your finances from the age you personally expect to reach.
