There are many different considerations to a comprehensive retirement plan, but do you know the most important retirement planning question? Every retirement plan’s goal is to ensure that you have enough cash flow and income to last you for the remainder of your life, so you need to have a general idea of your overall life expectancy. But your life expectancy estimate might be based on outdated data. 
Most people tend to underestimate their own life expectancy. In fact, Americans in every age group assume that their life expectancy is less than it truly is. When you work with a professional such as an estate planning attorney, you’re likely to use a better estimate to put together your plan.
However, even when this is done, it’s usually a rough guess or estimate about how long you might live. There’s a real concern about running out of money in retirement and doing so, many years before your retirement truly ends. A person who chooses to retire at age 65 could live for 20 or even 30 years beyond that retirement point.
If you overestimate life expectancy, you could also have challenges because you could save too much and have a lower standard of living than you could otherwise afford.
While this might be nice for your future and for the charities that you intend to pass assets onto, you could needlessly deprive yourself in your own retirement. Your life expectancy will influence your estate planning, whether or not to purchase an annuity, long term care planning, investment strategies, annual spending and Medicare plans. This is why you need to have appropriate effort and attention dedicated to the determination of your overall life expectancy. One of the most important things you can do is to schedule a consultation with an estate planning attorney who is highly knowledgeable about the many issues that affect elderly people in the estate planning process. Doing so could make things much easier for you.