In my quixotic quest to find the perfect retirement calculator, I have often wondered why all of the calculators I have encountered require that you guess how long you will live. There are mortality tables available (CDC/SSA) where you an readily find this information (probabilities of dying every year based on age), and it wouldn't seem to be that difficult to incorporate this info into a calculator like FIRECALC. And this would give a more scientific estimate of the probability of running out of money by the time you kick the bucket.
I've played around a bit with this, and it seems to give more reassuring results since you don't have to assume an unlikely long estimated lifespan. But I'm too lazy (that's why I want to retire early!) to follow through, so I was wondering if anyone knows of calculators that already do this?
I've played around a bit with this, and it seems to give more reassuring results since you don't have to assume an unlikely long estimated lifespan. But I'm too lazy (that's why I want to retire early!) to follow through, so I was wondering if anyone knows of calculators that already do this?