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How Long Will You Live?

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Summary

This article discusses the importance of understanding life expectancy data when planning for retirement. It explains that the average American male lives to 74.5 years and the average American female lives to 80.2 years, but that these numbers account for all deaths at all ages, including premature deaths, so they are not accurate for those who are already 55 years old. The article goes on to explain that the average 55-year-old male will live another 24 years, to age 79, and the average 55-year-old female will live another 28 years, to age 83. It also provides figures for other ages and outlines the importance of conservatism when planning for retirement.

Q&As

What is the average life expectancy for American males and females?
The average life expectancy for American males is 74.5 years and for American females is 80.2 years.

What is the true mid-life age for American men and women?
The true mid-life age for American men is 38 years old and for American women is 40 years old.

How does one adjust life expectancy data when planning for retirement?
When planning for retirement, one should adjust life expectancy data by looking at the average life expectancy of people your age and baking in some conservatism on top, as there is a 50% chance you’ll live longer than average.

What are the death age probabilities for a 55-year old American male?
The death age probabilities for a 55-year old American male are: Age 75: 64%, Age 80: 48%, Age 85: 30%, Age 90: 13%.

What is the difference between average life expectancy and the average life expectancy of someone your age?
The difference between average life expectancy and the average life expectancy of someone your age is that the average life expectancy accounts for all deaths at all ages, including premature deaths, whereas the average life expectancy of someone your age accounts for deaths after a certain age and is therefore higher than the average life expectancy.

AI Comments

👍 This article is a great resource in understanding life expectancy data and how it can help with retirement planning.

👎 This article is too long and could have been condensed to make the information easier to digest.

AI Discussion

Me: It's about how long you can expect to live. It goes into detail about the average life expectancy for men and women, and how it's important to factor in your age when planning for retirement.

Friend: That's interesting. What implications does it have?

Me: Well, it means that people should plan for a longer retirement than they may think. Even if you're 55 years old, you should still expect to live for another 20 years. It also means that you should factor in the possibility of living longer than the average life expectancy. So, it's important to plan for retirement accordingly.

Action items

Calculate your own life expectancy based on the Social Security Administration's actuarial data.
Bake in some conservatism when planning for retirement, as there is a 50% chance you will live longer than average.
Subscribe to The Best Interest's weekly email to stay up to date on the smartest financial content online.

Technical terms

Life Expectancy: The average number of years a person is expected to live.
Retirement Planning: The process of planning for one's retirement, including saving and investing for retirement, and planning for retirement income.
Actuarial Data: Data used to calculate the probability of an event occurring, such as death or disability.
Actuarial Tables: Tables used to calculate the probability of an event occurring, such as death or disability.