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Old 05-27-2015, 05:30 PM   #61
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Location: Western Canada
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I've also wondered about family history of longevity and how it figures into calculations.

My stats are:
- GGF died at 105
- GF died at 87
- F died at 55
- GM died at 97, her brother at 98 (he "RE'd" at 97). F's siblings at 14 and 80ish.

- GF at ~62
- GM (and her sisters) made upper 90's
- M died at 78, her siblings at 90ish.

So, when my dad was my age he'd been dead for 10 years. When my mother was my age she was a 10 year cancer survivor and had another 10 yr or so..

I think, on paternal lines, I just don't know I'm dead (although DW might). On maternal lines, who knows.

How should I tweak the tables to guess a lifespan?
I'm not crazy. Honest, the judge had me tested.
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Old 05-27-2015, 07:06 PM   #62
Recycles dryer sheets
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3-5% of the population is hardly going to bankrupt SS.
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Old 05-27-2015, 07:38 PM   #63
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Our biggest longevity insurance is frugal living relative to our retirement income and assets. That far outweighs most other factors for us.
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
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Old 05-28-2015, 05:54 AM   #64
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Maybe interesting: I obviously don't know what the US government will do, but this is typically what most governments in Europe have done for the SS equivalent of benefits because of shifting demographics:
  • Keep the current qualifying age and benefit levels for everyone within 10 years of achieving it (sometimes up to 15 years).
  • Increase gradually the age when entitlements start, e.g. every 5 years increase one year.
  • Increase taxation for groups with a very high entitlement (typically retired governement officials)
  • Lower taxes for individuals who choose to defer receiving SS (and typically keep on working)
  • Limit early retirement options

What they haven't done:
  • Block inflation adjustments
  • Lower SS-type benefits for individuals having already hit the qualifying age
  • Lower SS-type benefits for future retirees in amount received per year.

In addition, sometimes defined benefit pensions have gotten haircuts (usually through postponing inflation adjustments). And many pensions (on top of any SS-type system) are being converted to defined contribution.
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