This is a follow-on post to my recent post on retirement readiness.
Life Expectancy. How long do you expect to live? This is an important question when it comes to retirement savings & planning. This New Yorker article, Deathwatch by Mark O’Connell got me thinking on this. That & reviewing my company’s 401k readiness to retire report. The age cohorts that are approaching retirement age are the least prepared to retire.
Sidebar: which might be the opportunity and solution to Maine’s looming labor shortage. According to recent two recent reports, Trends in the Maine Department of Labor – Maine Labor Market & the Maine State of Chamber/Development Foundation Making Maine Work. Maine is facing a decade of increasing labor shortages that need to be filled by the same cohorts that are approaching a time that they are not ready for.
So the challenge becomes, let’s use this next decade to bridge the labor shortage while getting them prepared to retire. As part of retirement planning, you should begin with a reasonable awareness of your life expectancy & blend that with an accurate awareness of how much income you need to sustain a comfortable retirement. The purpose of the rest of this article is survey available life expectancy calculators.
The ultimate should be the Social Security Administration’s Life Expectancy Calculator. Using this resource, I have 27.5 years left. Changing the gender adds another three years. Waiting to retire, aka working longer adds additional years.
The Deathwatch article makes mention of an app called Days of Life. According to this simplistic calculator, I have lived nearly 75% of my life & have 7565 days to live. That comes out to 20.7 years. Search your smart devices store for this app. Cute with marginal confidence.
A more pertinent app titled Death Clock asks 15 pertinent questions – the same one my doctor asks, gives me 20 years to go. This one will open your eyes about which certain lifestyle choices you need to make & change. Tinker with answers to start getting a clue as to what today’s choices mean for tomorrow’s quality of life & living. I found by tinkering which changes to make in order to get closer to the Social Security calculation.
In between these two calculators is the Death Clock website. It asks a few basic, & perhaps the most pertinent personal health questions to give you a third opinion.
Try a couple of these calculators to get an awareness of not only your life expectancy, but certain habits that you can change to extend & prolong a physically healthy life style. This information is also useful in determining your health economic life expectancy. Next, a survey of several retirement planning calculators.