It may sound morbid, but we’re all dying. The question is not if, it’s when. Instead of shying away from the great unknown, let’s embrace the reality of the inevitable. Tackle life expectancy head on, and use it to do your planning.
Life expectancy is one giant factor in determining how much money you will need to retire. Once you’ve developed a realistic outlook on your own personal life expectancy this will significantly improve the quality of the retirement planning decisions you make.
For example, if statistics say you’re likely to have an above-average life expectancy, then you will want to make different decisions than the person who’s health may not give them so many extra years. In addition, couples will want to consider their joint life expectancy, as this will help them make appropriate pension plan and life insurance choices.
So how do you develop a life expectancy outlook? Two simple steps:
- Start by using one of the calculators below to calculate your personal life expectancy based on a series of questions you will answer.
- Then go to Life Expectancy Based Retirement Planning Suggestions for a list of time horizon appropriate suggestions.
Advanced Life Expectancy Calculators
Both calculators listed below ask detailed questions about health, career, stress level, family history, exercise habits, and much more to come up with customized answers for you.
Calculators With Suggestions To Increase Life Expectancy
Many of my clients tell me they don’t want to live much past 80, so if you’re like them, stay away from this calculator! It will come back with personalize suggestions to help you extend your stay here on earth. On the other hand, if you want to depart sooner, I guess you could take their suggestions and do the opposite!
Joint Life Expectancy Calculator
Put in basic data on you and your spouse, such as height, weight, blood pressure, and smoking habits and this site will tell you the probability that one or both of you will live past a particular age.
Life Expectancy Table for Single Or Joint Lives
This interactive excel worksheet allows you to put in your and your spouse’s age, and it will calculate the probability that one or the both of you reach a certain age. It does not factor in health, environmental, career or family history, so the data is based on national averages rather than customized to you.
Next: Once you’ve calculated life expectancy, see to Life Expectancy Based Retirement Planning Suggestions to see how you might want to make decisions customized to you.
