Poll: Age of Death for Retirement Planning

[W2R]

What age of death do/did you assume when planning your retirement and figuring out how long your money must last?

This is just the theoretical age at death which we use in retirement planning. It is not how long you actually expect to live.

We were talking about this in another thread and I am curious as to what age people are using. I am also asking if you are male or female, since on average I think females live a few years longer than males.

 

[pb4uski]

I use 100 for the both of us... not sure if we'll be able to stand each other that long but ok for planning.

 

[RobbieB]

I used 87, but the last "estimator" said 85.

 

[Just_Steve]

Since I collect a DB that will be cola'ed in a few years I "assume" I will never run out of money before I die.

 

[FIREd]

I use 100 for the both of us... not sure if we'll be able to stand each other that long but ok for planning.

+1. No relative of ours has lived past 90 so far, so it seems generous enough.

 

[W2R]

Since I collect a DB that will be cola'ed in a few years I "assume" I will never run out of money before I die.

Right! Then probably the last option would be the best choice for you, since you don't have to use an age of death in your retirement planning.

 

[rodi]

I put female 90-99.

I actually use 90 for myself, 99 for my husband. (But have all sorts of other plans if one of use dies early). He's 9 1/2 years older than me (I'm his trophy wife, LOL). I'm pretty sure I'll die sooner, despite the age difference, based on family genetics. His dad died at 90, his mom turns 90 this year... My parents died at 67 and 77, 3 of the 4 grandparents died in the 60's and 70's. My grandmother is the outlier, lived to 91.

 

[Walt34]

I plan on being shot and killed at the age of 95 by a 20-year-old jealous husband.

Oh, and I have a DB COLA'd pension.

 

[Sunset]

So I read that a couple has a good chance of 1 of them making it to a ripe old age, so that is the age I used.
I suspect it will be DW as per normal, so I put down F

 

[Sunset]

.... (I'm his trophy wife, LOL).....

My DW is a trophy wife too, but since the age difference is a matter of weeks, its a tiny trophy...

 

[DrRoy]

My calculator gives 88, and I add 5 for planning. I also don't count SS and my WR will only be 1.5% at the start, so it may not really matter.

 

[RetireAge50]

Age of Death for Retirement Planning

I use 95 but have the spousal social security stop at 85.

 

[ERD50]

So I read that a couple has a good chance of 1 of them making it to a ripe old age, so that is the age I used.
I suspect it will be DW as per normal, so I put down F

Good point, so I entered F to reflect planning for my DW's age.

I'm always curious about these comments of "my calculator says age XX". The Life Expectancy calculators I've seen are dealing with medians - 50% of the population will make it to that age and beyond. Beyond is not given (unless you have the option to lower the % remaining). The Vanguard calculator (linked on the FIRECalc page) does this in reverse - give it the ages and years, and it gives you the remaining population %.

So if someone says their calculator says they have a LE of 88, that means they have a 50% chance of living beyond that age. Aren't they planning for the other 50%?

As W2 mentions in the OP, there can be a big difference in your planning, and how long you actually expect to live. For the same reason I buckle my seat belt, but never plan to need it.

So anyway, I said 100. Why not? You only need a bit more conservative WR to add a few more years, and at that point, we are probably near a 'forever' WR anyhow.

-ERD50

 

[Teacher Terry]

With 2 DB pensions and SS it does not matter but I voted for 80-89. Most everyone in my family lived this long or into their 90's.

 

[rodi]

I use 95 but have the spousal social security stop at 85.

This was the type of thing I was referring to in my earlier post. I have spreadsheet scenarios for me dying younger (and my pension/ss going away, plus tax status changing to single for DH)... and him dying younger and his SS going away, and my tax status changing to single.... Those are actually harder scenarios to plan for.... loss of an income stream double whammied with the less favorable tax status.

I've also factored in memory care/assisted living. This seems likely for DH based on his family history. (His dad had dementia... his mom has dementia)

I'm hoping we both live longer, don't develop cancer (my side) or dementia (his side) and our low withdrawal rate allows us to live perpetually, then die suddenly, in our sleep.

 

[nuke_diver]

I used models up to 120 (medical breakthroughs extending life)

Honestly I don't think I want to live that long not even sure about 90+ but I wanted to make sure I wasn't going to run out of $$ at 89 and be healthy so I over estimated...a lot

 

[Taxman59]

I have planned consistently using 95 for me and 92 for DW. She is younger, so I am effectively assuming that we go out together! Her family history says mid 80's is generous, and mine says if I get past about 70 in good health, then I will hit the mid 90's. Who knows what the final answer will be, but since my plan shows 100% success (FIRECalc and FIDO), the planning age doesn't really matter.


Have the day you deserve, and let Karma sort it out.

Sent from my iPad using Early Retirement Forum

 

[harley]

I am ultraconservative financially, and have always used 100 for both of us. Little chance of her hitting it, and no chance for me. But we're planning on leaving money to later generations, so having too much isn't a problem. While we might have worked longer than we actually had to, we still retired at 50 and have had a great 10 years so far. Also, I had to stay at work to get guaranteed health care coverage (pre-ACA).

 

[Texas Proud]

Some people are saying what they use for both parties, but the question was not that...

I use 90ish for me, but will probably not make it...

However, DW is 10 years younger and I am planning with her in mind... too bad she is not... when she goes over budget I will just tell her that we have enough money for my life, but I cannot vouch for hers... all this does is get her upset, but she does not change her ways... Oh well....

 

[UpAnchor]

Grandma made 100. No one else made it past 84 and that includes grandparents, parents, aunts & uncles. Average age was 78, 81 if I subtract out the smokers.

So 95 it is. I see nothing in my health/lifestyle to place me in Grandma's footsteps.

 

[Tree-dweller]

Honest to God, as a quality of life issue...I don't want to to go much beyond 85. I do volunteer work which brings me into contact with folks older than that. All of them - all of them - are not happy/healthy. I understand that that there are plenty of people living full productive lives into their 90's. My family history doesn't project that.

 

[mamadogmamacat]

120, even though no relative has made it past 90 going back four generations. For a number of reasons, I see 120 as the longest possible, give or take 5 yrs, for a human body to last. And for me, with my medical history, that will require a good bit of both luck and good medical care going fwd. So, assuming 120 took away a lot of the anxiety about RE......plus the fact that if any of my assumptions are wrong...........non-cola DB and SS will be enough, probably more than enough, in my extreme dotage yrs.

 

[HF63]

Hoping for late 70's because of quality life problems but genes are also a problem.

I retire at 52 and hoping that I get 20 good years at doing what I want.

 

[traineeinvestor]

None of the above for me/us.

When I FIREd I was 47 and DW 40. My working assumption was that DW could live to or even beyond 100 due to a combination of genetics, good health, healthy lifestyle and medical advances. From a practical financial perspective, a 60 year survival period is indistinguishable from forever, so I planned on the basis that our nest egg would have to last forever, rendering the idea of an assumed age of death irrelevant.

 

[Alan]

93-93 for us.

I can't remember why I chose 93, but that is what is in the Fidelity RIP that I've used for years.