Life Expectancy - Saving and Planning

[alarmguy]

Many not realizing the life expectancy numbers thrown around are from birth but not from their current attained age.
I think many will find this fascinating;

Life expectancy at birth
Male 75.79
Female 81.06

Good news is the longer you live your expected life increases year by year starting at one year old. The assumption of 76 years (male) and 81 years (female) is incorrect for anyone reading this post.
(Your results may vary)

If you live to 65
Male 83.12
Female 85.66

If you live to 75
Male 86.42
Female 88.10

Good news is the longer you live your expected life increases, official Social Security chart, life expectancy year by year.
(Plan accordingly)
https://www.ssa.gov/oact/STATS/table4c6.html

-

 

[DCDG]

Many not realizing the life expectancy numbers thrown around are from birth but not from their current attained age.
I think many will find this fascinating;

Life expectancy at birth
Male 75.79
Female 81.06

Good news is the longer you live your expected life increases starting at one year old, year by year. The assumption of 76 years (male) and 81 years (female) is incorrect for anyone reading this post, one year old and up.
(Your results may vary)

If you live to 65
Male 83.12
Female 85.66

If you live to 75
Male 86.42
Female 88.10

Good news is the longer you live your expected life increases, official Social Security chart;
(Plan accordingly)
https://www.ssa.gov/oact/STATS/table4c6.html

-

I am in vertical plane today I am expecting to be tomorrow unless something fails.

 

[mrvmax]

The real question is how much longer Social Security will be able to pay out what we have paid in. I am 5 years away from begin able to access mine and I need to live for 10 years to get back what I paid in (minus any interest I would have made over the last 4.5 decades)

 

[SC Maintenance]

The real question is how much longer Social Security will be able to pay out what we have paid in. I am 5 years away from begin able to access mine and I need to live for 10 years to get back what I paid in (minus any interest I would have made over the last 4.5 decades)

Even though you have paid in a lot (and so did I) Social Security pays out more than many people pay in, this is the issue. Thats what the bend points are - a progressive benefit program, not a pension.

 

[skyactiv]

All I can say is look who is actually in a Social Security office for customer service, most are are younger than 65.

 

[SC Maintenance]

Fixed pensions had a huge advantage. Actuaries can look at a large group and figure out the median age the group will live to (collectively) very accurately.

When we switched to 401K type programs everyone needs to save like there going to live to 99, which few will.

So there are huge problems - some don't save at all, and some save way too much which passes to there heirs, which is fine for them but its not beneficial to the overall economy.

They should look at bringing back fixed benefit pensions as a private entity - ie you and 10,000 of your closest friends all pay in, without an employer, using tax advantaged status like a 401K, and you get a fixed benefit based on a formula.

 

[Pablo]

I'm running away from the reaper!!

 

[joekingcorvette]

It is so easy to buy investments online or with your phone through companies such as Charles Schwab. There are lots of younger people buying on their own and using their company 401K plans. The problem is many people work from paycheck to paycheck. Hopefully the social security system never runs out of money. I was always taught to try to save and manage my money wisely and I continue to do so. Dave Ramsey was a huge help to me many years ago and his advice may not be 100% correct but it's an awesome guideline to get to the finish line.

 

[doitmyself]

While contemplating all this life expectancy, saving, and planning, it's also important to attempt to Carpe diem . One never knows..............

 

[nwjones18]

My Wife's grandfather served in the Korean war, came back for a few years then started working for the railroad, did a 25-30yr career with them and has been retired since the late 80's. Still healthy and getting around at 93. One of the few people I've seen really do a life right, and be belessed with long life.

 

[demarpaint]

Man plans and God laughs, one of my favorite sayings..........Funny story. I have a painting buddy whose grandfather was a painter, he had a very successful business from the early 1950's to about 1990 give or take a couple of years. When he retired he figured he'd live to about 85, and would have enough money to do so comfortably. Optimistic some would say, he lived to 91 and spent the last 5-6 years of his life broke living with his daughter and son in law. LOL

 

[alarmguy]

The real question is how much longer Social Security will be able to pay out what we have paid in. I am 5 years away from begin able to access mine and I need to live for 10 years to get back what I paid in (minus any interest I would have made over the last 4.5 decades)

Stay active and take care of yourself, keep your fingers crossed and good luck!
Everyone is in the same boat! The key is to "GET THERE"

 

[pbm]

So there are huge problems - some don't save at all, and some save way too much which passes to there heirs, which is fine for them but its not beneficial to the overall economy.

Another thing to keep in mind is that those who "don't save at all' get free nursing home care while those "who save way too much" have to pay exorbitant fees for the same care unless they got rid of their savings 5 years previously. I have an elderly neighbor who has been in a 'facility' for 2 years paying $17,000 a month....when all his money is gone....he gets it for free. In other words his 'heirs' will get nothing.

 

[alarmguy]

.. Hopefully the social security system never runs out of money. I was always taught to try to save and manage my money wisely and I continue to do so. Dave Ramsey was a huge help to me many years ago and his advice may not be 100% correct but it's an awesome guideline to get to the finish line.

Social Security will NEVER run out of money. Mass media scare tactics keep people tuned in. Its used on everyone in todays world, from the weather to crime to social security. It will be here.

YES - Dave Ramsey course should be a required one year course to graduate in every high school. It is taught in some.
DO you know why it never will be a national level? Big banks, Big Corporations, Big Retail Stores, HUGE lobbying groups.
They would all mostly go out of business if people made educated decisions on borrowing money, spending and saving. It would crush the corporate machine. Humans are no different than rodents. Give them stuff with strings attached and you got them hooked for life in many cases. Hooked on asking others to borrow money for things you didnt save for OR should never have bought.

 

[Sequoiasoon]

I am in vertical plane today I am expecting to be tomorrow unless something fails.

Hopefully that plane is pointed up like rocket not down with terrain warnings.

 

[DCDG]

Hopefully that plane is pointed up like rocket not down with terrain warnings.

I wasn’t even going there lol. But gravity has a mean effect on keeping us down as we age.

 

[wander2039]

Have to show my wife the formula.. she's convinced won't live past 60. She was feeling terrible lately thinking it was just mp. Set a appointment for a dentist which she hadn't for a long time. Had a failing root canal and massive infection. Good grief.. Going to have start setting appts and going with that stubborn creature. She's much better even after one day of antibiotics. Myself I'll probably die from something stupid.. one of those head scratchers.

 

[fantastic]

Fact is if the current laws stay in place it will in fact run out of money. Obviously I'd assume that the rules will change to keep it funded before, during, or after that point is reached. It is in the media for good reason and that is to get the people's attention to demand change and be transparent about SS realities.

However this thread doesn't seem to be speaking about SS payments just life expectancy based on the government data.

That being said my statement I tell my wife is quality over quantity for me.

 

[Passport1]

the longer you live your expected life increases year by year starting at one year old.

Can this axiom have a corollary that can be applied to vehicle lifespans? Does entrophy affect humans and non-animate things at the same rate?

For example; any car at production date should last at least,
100K miles for turbo,GDI 4 cylinder
110K miles for any NA v6

At 100K should expectancy be pushed to,
120K for turbo 4 cylinder
150K for v6

Then 150K for turbo 4 and
175 for v6

Or by time ; average age for cars is 12.1 years so any vehicle that makes it that long should
last another 3 years and on an on?

Seems like the older something is the older it can get.

 

[alarmguy]

Have to show my wife the formula.. she's convinced won't live past 60. She was feeling terrible lately thinking it was just mp. Set a appointment for a dentist which she hadn't for a long time. Had a failing root canal and massive infection. Good grief.. Going to have start setting appts and going with that stubborn creature. She's much better even after one day of antibiotics. Myself I'll probably die from something stupid.. one of those head scratchers.

Here is another thing I wish I was told by my dentist a VERY long time ago. Talk about preventive care, they still do not promote this device.
WATERPIC I use it everyday now. Fantastic takes only a minute or two. The junk it blasts out of your teeth at the end of the day is eye opening.
I never much could get into flossing. I also grew up at a time that every kid in the 60's got lots of cavities that were filled. Decades later and some lack of care I had a few teeth crack. Anyway, I have a few implants now and FINALLY was told a while back, Water Pic was the answer.... oh so right!