1. Plan to Live a Long Time
In almost every developed country, people are living longer today than in the past. No matter how good of a job one does at planning for retirement, one of the biggest financial considerations that should not be overlooked is the expected length of time one will be alive in retirement. In many cases, it is not uncommon for people to live 30 or more years after retiring and often times, they fail to forecast the right length of time and fail to save the right amount of money to live the desired lifestyle. Many times, this forces the retiree to either re-enter the work force at an elderly age if capable, or he or she has to rely on the goodwill of friends or family to help take care of them through the end of the golden years.