The strategy considers the very high possibility that an individual will live past the average life expectancy. According to Northwestern, there is a 25% chance that a 65-year-old man will live to age 94, a 65-year-old woman to age 95, or at least one spouse of a 65-year-old couple to age 98.
Using Northwestern’s strategy, the company's financial professionals help clients create a stream of reliable income throughout retirement, protect retirement savings so they last a lifetime and leave behind a legacy. To accomplish these goals, the strategy takes into market volatility, inflation and taxes, health care costs, and long-term care needs.
"What we've realized time and again is that building a prudent plan with the guidance of a trusted financial adviser is key to building a financially secure retirement," said John Grogan, Northwestern Mutual senior vice president for planning and sales. "The Northwestern Mutual Retirement Strategy was developed with the knowledge that the most crucial aspect of retirement planning is having certainty, as well as flexibility, as you move through your retirement years."