Yes? No?
While we may speak the same language, being on the same framework of understanding gets confusing. I'd like to start a discussion on this by looking at what I thought was a simple question about my own life expectancy.
How long am I expected to live, at my current age (82)? While I understand that life expectancy is based on many factors, I thought there might be some "average" numbers. Not so:
from here: https://obliviousinvestor.com/mean-vs-median-life-expectancy-for-retirement-planning/
But WAIT!:
That's just the very beginning.
So what's wrong with the question "What is the average Net Worth for retirees in the United States?"
Egad! "You pays your money and takes your choice... " ... but that's only the beginning....
At what age?
At age of retirement, at the average age, or across the board for all retirees?
For the individual, or for the household.
Male, female or both?
As of what year of statistics? This year? Census year? other?
Government statistics?
Includes actual dollars or projected pension/SS income too?
Current estimates? or based on projected or imputed values.
etc.
But of course that is only one question... Practically speaking, your own personal interest looks to finding a comparison to yourself. This requires even more definition.
How old you are now
Your health history
Your sex
The socio/economic area that you live in and where you plan to live
... and of course, your current status of income and outgo factors and the hundreds of other factors that have to do with things that make you different, like how much attention you spend to keep healthy... medical care, personal healthcare regimen. Then there's genealogy, risk factors, and attitude.
.....................................................................................................
Overboard... yes... agreed! But that's just one question, and one that can be found on every... every retirement website. Not looking for an answer to this but looking for commiseration on the confusion.
To toss out the kind statement that personifies the inherent statistical confusion, and the kind of imputed positive results to be expected.... My own statement.
"My investment in IBonds has always provided me with more than 5% interest earnings, and will continue to do so in the future. Furthermore
future increases in the CPI will be reflected in higher earnings."
How do you handle statistical confusion?
While we may speak the same language, being on the same framework of understanding gets confusing. I'd like to start a discussion on this by looking at what I thought was a simple question about my own life expectancy.
How long am I expected to live, at my current age (82)? While I understand that life expectancy is based on many factors, I thought there might be some "average" numbers. Not so:
from here: https://obliviousinvestor.com/mean-vs-median-life-expectancy-for-retirement-planning/
But WAIT!:
That's just the very beginning.
So what's wrong with the question "What is the average Net Worth for retirees in the United States?"
Egad! "You pays your money and takes your choice... " ... but that's only the beginning....
At what age?
At age of retirement, at the average age, or across the board for all retirees?
For the individual, or for the household.
Male, female or both?
As of what year of statistics? This year? Census year? other?
Government statistics?
Includes actual dollars or projected pension/SS income too?
Current estimates? or based on projected or imputed values.
etc.
But of course that is only one question... Practically speaking, your own personal interest looks to finding a comparison to yourself. This requires even more definition.
How old you are now
Your health history
Your sex
The socio/economic area that you live in and where you plan to live
... and of course, your current status of income and outgo factors and the hundreds of other factors that have to do with things that make you different, like how much attention you spend to keep healthy... medical care, personal healthcare regimen. Then there's genealogy, risk factors, and attitude.
.....................................................................................................
Overboard... yes... agreed! But that's just one question, and one that can be found on every... every retirement website. Not looking for an answer to this but looking for commiseration on the confusion.
To toss out the kind statement that personifies the inherent statistical confusion, and the kind of imputed positive results to be expected.... My own statement.
"My investment in IBonds has always provided me with more than 5% interest earnings, and will continue to do so in the future. Furthermore
future increases in the CPI will be reflected in higher earnings."
How do you handle statistical confusion?
