You might think that after 26 years in financial services I would know everything there is to know about personal finance. Just kidding, of course you don’t think that and neither do I. That’s why I try to attend the Colorado Financial Planning Association’s Symposium every year.
Yes, a day of thrilling classes about Social Security, economic outlook, spotting elder abuse, estate planning, and many other topics. I attend these classes so you don’t have to. Herewith, in no particular order, are 5 interesting things I learned at the 2021 FPA Symposium:
- There is a major difference in expected longevity based on a person’s income. Forty-year-old males in the top 1% of income live on average 14.6 years longer than those in the bottom 1%.
- The difference in life expectancy increases for those in the top 1% vs. the bottom 1% of income increased 2.34 years from 2001 to 2014.
- The longevity gap between males and females is dropping. Now females can expect to live only 2 years longer than their husbands.
- After reaching age 61, people usually retire earlier than planned. For each year past age 61, people retire on average a half-year year sooner than that. For example, if you think you will work to age 69, it’s statistically likely that you will be retired by age 65.
- Regarding Social Security benefits if you are divorced: If divorce is more than 2 years old, the ex-spouse can get spousal benefit before the working spouse filed. If the divorce happened 2 years ago or less, ex-spouse can’t file until ex-spouse files. This is only true if you are unmarried filing on ex-spouse’s benefit.
Now you have some fascinating tidbits to bring up at holiday parties. Or maybe learn some new jokes instead.
