When planning for retirement, one of the most important things to consider is life expectancy. The IRS has issued a set of life expectancy tables, referred to as the Required Minimum Distribution (RMD) tables, that can help you plan for your retirement with confidence. These tables provide an estimate of how long you may live and help you determine the amount of money you need to have saved to cover your expenses throughout your retirement. Knowing your life expectancy can help you better plan for your retirement and ensure that you have enough money to last throughout your life.
The RMD tables are based on a variety of factors, such as age, gender, and health history. The tables are regularly updated to account for changes in life expectancy, making them an invaluable resource for those planning for retirement. For example, the tables can help you determine the amount of money you need to save each year and the amount you can withdraw from your retirement savings without penalty each year. Furthermore, it takes into account your age, so that you can adjust your withdrawal rate to match your expected lifespan. This helps to ensure that you do not outlive your retirement savings.
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