The Associate Press reported (January 2023):
"A French nun who was believed to be the world’s oldest person but had been reportedly growing weary of the burdens of age has died a few weeks before her 119th birthday."
Lucile
Randon, known as Sister André, was born in the town of Ales, southern
France, on Feb. 11, 1904, and lived through the two world wars.
So what does this have to do with you and your finances? You need to consider that one of the greatest risk you face in retirement is longevity risk... outliving your financial resources. Of course, Social Security will last as long as you do... as long as right-wing Republicans don't get their way to cut Social Security, Medicare and other support systems as they refuse to raise the debt ceiling to pay for the U.S.'s financial obligations, many incurred during Republican administrations. Refuse to raise the debt ceiling means refusing to pay our debts. The last time this happened Standard and Poors downgraded our country's credit rating, making it more expensive to borrow and reducing the value of the US dollar on international markets.
What can you do to assess your longevity risk? Check out the longevity calculators mentioned on this blog.
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