Your lifespan is one of the most important unknowns that determines how much you need until retirement, how much you can spend, and how much time you need to spend doing the things you want to do. Estimating your lifespan using one of the best life expectancy calculators is a good way to improve the accuracy of your retirement financial and lifestyle predictions.
What is life expectancy?
Although life expectancy in the United States has declined slightly, Americans are living much longer than previous generations.
The life expectancy of a 65-year-old American is now nearly 18 years longer than the average male. And women are expected to live an additional 19.5 years. In other words, Social Security Administration – The average 65-year-old man will live to be 82 years old, and the average woman will live to be 84.5 years old. But at least half of us are likely to live even longer, much longer.
And there’s a twist: the longer we live, the longer we live. Long life begets even longer life. On average, a 65-year-old American man expects he will live until he is 82 years old, while an 85-year-old man expects he will live to be 90 years old or older.
And the even better news is that we are living healthier and stronger lives. “Older people” now feel younger and more energetic. We are doing more as we get older.
What does living longer and healthier mean for your retirement planning?
There’s no way around the fact that living a longer, healthier life costs more money.
Let’s say your household needs $60,000 a year to survive and your Social Security income is $36,000. In this scenario, each additional year of her life would require an additional $24,000 in annual savings to make ends meet.
How long you plan to live is a very important factor in planning for retirement. How much money you need for retirement is greatly influenced by your life expectancy. If you retire at age 65 and only live to age 68, you will only need a fraction of the money you would need if you lived to age 98.
Best 10 life expectancy calculators
The life expectancy calculator uses data to help you assess how long you yourself can live. Although these calculators do not guarantee accuracy, they may perhaps help you calculate a more realistic life expectancy for you.
Some of the best life expectancy calculators include:
livingto100: This calculator is based on the following data: New England Centenarian Studyis the world’s largest study of people who live to be 100 years old. The livingto100 calculator asks you about 50 questions to determine how long you can live. What’s especially great about this detailed life expectancy calculator is that for each data point, you get personalized feedback on why it’s important to your longevity.
blue zone vitality compass: Vitality Compass is a life expectancy calculator for Blue Zones. Blue Zones is a publisher dedicated to uncovering the best strategies for longevity based on the regions of the world where the highest proportion of people enjoy longevity.
blueprint income: Blueprint Income’s life expectancy calculator has a great, easy-to-use interface and interesting output.
It was developed by Dean Foster, William H. Lawrence Professor at the Wharton School of Business at the University of Pennsylvania. This calculator uses detailed statistical analysis of NIH-AARP data and is sometimes referred to as the Wharton Life Expectancy Calculator.
Northwestern Mutual’s Lifespan Calculator: Your estimated life expectancy is updated every time you answer one of the 14 questions in this easy-to-use life expectancy calculator. This is great feedback to learn how lifestyle choices and health factors affect longevity.
John Hancock’s Life Expectancy Calculator: This calculator includes questions about blood pressure and cholesterol and appears to be very accurate.
big life: In addition to the usual questions, Big Life asks specific questions about different types of physical activity and collects details about the amount of fruits and vegetables you eat each week.
Medical life expectancy calculator: If you have a specific disease or condition, you may want to use a life expectancy calculator based on your medical situation. Although highly related, most of these are actually intended for use by physicians. However, if applicable, you can also try one of the following:
Note: All calculators above are based on actual data. However, it is important to reiterate that these calculators are not 100% accurate. They use averages and historical data to make predictions. However, remember that you are completely unique and cannot predict the future.
In other words… How to plan for retirement when you really don’t know how long you have left to live.
Retirement planning can feel like a waste if you have no idea how long you will live, which is one of the biggest factors. Here are some strategies for creating a plan that seems reasonable.
1) Understand how long your retirement plan expects you to live.
Most retirement calculators, and even many retirement advisors, use a simple average when calculating your financial needs in retirement.
You need to understand this and make sure there are no problems with your calculations.
NewRetirement The Retirement Planner allows you to enter your (and your spouse’s, if applicable) target age. Therefore, this tool allows you to control how long you can fund your retirement.
2) Consider flexible plans.
Different retirement plans can be created based on optimistic and pessimistic life expectancies. For example, let’s say you have a solid financial plan from age 65 until he’s 80. And then you might want to use home equity or other sources of wealth as a backup plan.
3) Update your plan quarterly.
It’s important to regularly evaluate and improve your retirement plan. We recommend doing this quarterly, but be sure to check back if your financial or health status changes. Retirement planning isn’t something you do once and then forget. It should be part of your routine.
4) Consider your retirement income instead of living off your savings.
Most people approaching retirement are focused on figuring out how much they need to save.
However, you may want to figure out how much income you need each month and take steps to guarantee that income for life.
The two most common sources of income that guarantee a lifetime income in retirement are:
- social security: Social Security is guaranteed income for life, no matter how long you live. Since Social Security lasts as long as you live, it may be worth delaying starting Social Security to maximize your monthly benefits.
- Life annuity: A lifetime annuity can be another source of guaranteed lifetime income. If you can afford a lifetime pension, you won’t have to worry about running out of money before you die.
Your life expectancy and retirement planning
This article provides various options for dealing with your remaining life expectancy. No matter how you plan, a good retirement calculator can help you make better choices.
NewRetirement Planner was named the best retirement calculator by the American Association of Individual Investors (Ahhh), forbes magazine, Retirement Research Center At Boston University, money boss, Can I still retire? etc.
This tool is perfect for planning, as it covers comprehensive information related to retirement and allows you to customize everything, including your life expectancy.
