Life Expectancy – An Often Under Estimated Variable

We often hear average life expectancy numbers and use them to make assumptions about our own life expectancy. There are a few problems with that. These estimates do not consider -

1. Your family history

2. Possible advances in modern medicine

3. The fact that you are alive today!

I am going to tackle the 3rd on the list because it seems to be the most overlooked. Average life expectancy is often based on all human lives. It includes all deaths prior to what we would consider a “long and healthy life.” When you rule those out, you have to ask yourself what is my life expectancy today? The stats are surprising.

If you are 60 years old and don’t smoke, on average there is a 50% chance you will be alive at 87 if you are a male and 89 if you are female. If you are married, there is nearly a 50% chance that one of will live to 93 and a 25% chance that one of you will live to 97!

If this is the case for you, it may be time to update that retirement plan!

Disclaimer: All calculations displayed are from the Life Expectancy Block available through the MoneyGuidePro software. These numbers are based on 2012 IAM Basic Tables. All rights reserved. Alex Voorhees and Reston Wealth Management do not provide legal, accounting or tax advice. This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified investment, tax or legal advisor. The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) or strategies may be appropriate for you, consult your financial advisor prior to investing. No strategy assures success or protects against loss. You should consider the investment objectives, risks, charges and expenses of any investment carefully before investing.