Your Longevity Estimate Affects Many Retirement Planning Decisions

Longevity or how long you may live is one of the most important — and most uncertain — parts of retirement planning. While no one can predict the future, getting an estimate of life expectancy can help you think through savings, income, and lifestyle decisions with greater clarity.

The above Longevity Calculator estimates your life expectancy based on age, gender, and smoking status. It also provides additional probabilities — such as a 50%, 20%, and 10% likelihood of living to certain ages — so you can visualize a range of possible outcomes.

The calculator is quick to use. Just enter a few details and see your estimated life expectancy, along with the age ranges that represent different probability benchmarks. You can download a personalized report to review or share as part of your planning discussions.

Try the calculator above to explore your results and download your personalized longevity report.

Longevity or how long you may live is one of the most important parts of retirement planning. Longevity estimates affects many of your retirement planning decisions.

How Longevity Affects Retirement Planning Decisions:

  • When to start your social security payments?
  • Should you protect your retirement nest-egg from the ravages of higher inflation
  • Should you plan for future higher tax rates in retirement?
  • What type of annuity to invest in?
  • How will a declining stock market affect your retirement nest-egg?
  • Should you consider spousal continuation when it comes to your pension?
  • Should you invest in a long-term-care contract?
  • Is a Life Insurance Retirement Plan for you?

All of the above decisions depend on how long you potentially can live. How long should you assume you will live? According to a February 18, 2020 article in U.S. News & World Report, life expectancy for a 65-year-old woman, born 1/1/1955, living in the US, is 86.6 years and 84.1 years for a man. But despite average life expectancy, the article also recommends planning to live until at least 95-years-old.

Your Longevity Estimate Affects Many Retirement Planning Decisions.

Why Longevity Estimates Matter

Why your longevity estimate is more than a number — it’s a framework for thinking about how long your resources and lifestyle choices might need to sustain you. It can inform how you approach retirement income, healthcare decisions, and personal goals.

Please keep in mind that you need to seek out a financial advisor. This is your first and only retirement. Maybe you should hear how an advisor who has helped many people through retirement can help. Do not make any financial decisions based solely on this simple longevity calculator. Everyone’s situation is different and requires a personalized approach.

Schedule your free, no-strings-attached consultation

Curtis Hill, CFP, IAR and Irina Hill, CPA, IAR, provide independent fiduciary financial advice, investment advice, retirement planning, and life insurance in the Long Beach, CA; Lakewood, CA; Carson, CA; Bixby Hills, CA; Signal Hill, CA; and Los Angeles, CA areas. We also provide advice and strategies to improve and secure your retirement lifestyle.

Go to the Calendley.com calendar link below to schedule an appointment with investment and retirement planning experts Curtis Hill or Irina Hill. Discover strategies that consider your longevity in retirement.

Curtis Hill, Irina Hill, Serenity Wealth Management, and Portfolio Medics Inc. are not the authors of the longevity calculator and are not responsible for the content, or the accuracy of the longevity calculator. The longevity calculator was created by and powered by HEDGENESS Inc.