Liz Weston: You’ll probably live longer than you think

By LIZ WESTON of NerdWallet

Longevity literacy is crucial in planning for your retirement, so you don’t run out of money or keep yourself on a needlessly skimpy budget. Unfortunately, many people incorrectly estimate life expectancy in the U.S., although women tend to make better estimates than men. Understand that overall life expectancy numbers you’ve seen in the news are counting from birth. Once you’re in your mid-50s, your chances of living to 90 are higher — 1 in 3 for men and 1 in 2 for women. A powerful way to cut the risk of outliving your savings is to delay claiming Social Security benefits, even beyond full retirement age.