What Are Your Chances?
Category: Health and Wellness Issues
August 9, 2023 — It’s a question just about everyone thinks about as they reach retirement age, at least to themselves. What is my life expectancy – or, how much longer do I have on this planet as a living being? And, hopefully, will those will be good years, where I can enjoy life and not be a burden to others.
It is not just an idle question. There are plenty of practical considerations in knowing the answer to your life expectancy, or at least knowing the probabilities. For one, when should I take Social Security? If, for example, I know the odds say I will die before age 80 (and the same for my spouse or he/she is a higher earner), then the best bet is to take this benefit at the first opportunity, age 62. Waiting longer will cost me money I will never see.
Comments on "What Are Your Chances?"
JCarol says:
I took the two tests and my life expectancy was estimated at 99 and 101. DH came in at 94. All four parents lived into their 90s so these numbers were unsurprising.
Based on family longevity we delayed and maximized hubby's SS to age 70 and took my mine at 65. (Due to a ten year gap for child-rearing years, my benefits were 1/3 less than his.) With the rules in place at that time, he was also able to get 50% of my SS from age 66-70 while letting his continue to increase by 8% per year.
Our doctors are already cautioning us about the limited benefits of certain tests. We not only look at risks versus rewards in that area of our lives, but also when considering major purchases and work/upgrades to make to our large-ish home. (We're staying put for now, but realize we might feel differently at 80 about caring for a 2500 sf house plus a pool and yard.
RichPB says:
Rather amusing. At 75, I am now the longest living male in my line by 13 years. That was my father and he outlived his by even more. Heart disease is always the culprit. On my mother's side, the uncle I was named after died of a heart attack at 35. So I'm happy to be here after a minor attack and triple bypass at 65 and trying my best to enjoy luife in general. After knowing my history since being a teenager with resultant expectations, it's pretty much a relief being me. :)9