View Full Version : How long do you expect to live?
Related to the "how low can you go" thread, and the "she sold it all" thread:
Two questions:
Q1: In your financial planning, how long are you planning on living?
Q2: Are you planning on spending down your assets to zero, or leaving a substantial amount of your capital to a future generation, or some cause of interest to you?
A1: My grandparents and great-grandparents all lived into their mid-to-late 90s. I'm planning on a 99 year lifespan for myself just so I don't run out early. My wife's family tends to die in their late 80s/early 90s. Look for me on Tindr in about 3 decades :-)
A2: I'm planning on leaving the vast portion of our capital for the use of future generations, so I'm not adopting a spend-to-zero approach at this time.
iris lilies
11-5-17, 1:11pm
I expect to die before DH. My pension income dies with me (or continues another 8 years maximum for DH.)
If I die first, DH will have modest Social Security income and our stash. The stash is pretty significant and he also has two fall backs
1) he is very frugal
2) he can do small Mr. Fixit jobs for income
If that isnt the case and he dies before me, my income will be decent, around $53,000 annually. Plus the stash. Which I have no intention to preserve. Die Broke is my philosophy.
I plan to be in my paid up and modest home until 99 years at least and then re-evaluate the situation. I have enough in pension for living expenses for some time to come. Family will inherit whatever remains.
dado potato
11-5-17, 1:42pm
There is an interesting longevity calculator at
https://www.livingto100.com/calculator
According to that tool my life expectancy is 94.
I could live beyond 94. There is also the matter of morbidity before death. It may be possible (and enlightened self-interest) to compress morbidity. The span of healthy and active years before the onset of debilitating disease is what matters to me most. I will settle for 94, followed by compressed morbidity, then death with dignity. I hope this does not open a can of worms (or fly larvae) in the discussion.
I plan to annuitize assets when I attain the age of 73-75 with the purchase of Single Premium Immediate Annuities (and some deferred annuities with lesser amounts to provide for increases in the cost of living in my riper years.) The annuities will be joint, so the second-to-die will basically die broke.
My family lives well until about 90, at which point they have to go to a nursing home. Once I'm institutionalized Medicaid can pick up the slack if need be. I am not buying long term care insurance. My parents are near 80, generally healthy, active, and living at home. My baby brother stays with them and helps with heavy chores.
Teacher Terry
11-5-17, 2:07pm
I got 87. I don't care if I leave any $ behind. WE helped our kids when they were young and needed it. My Mom spent all her $ and had a good time. WE were all glad for her. She died just short of 90. She did traveling when she could and was able to live off of her pension and SS comfortably. She pre-paid and bought everything for her funeral and when she was dying she told us to sell her car and use the $ to treat everyone that came to the funeral to a nice lunch which we did. If she had lived longer she would have been fine too since she no longer wanted to travel.
Both of my parents died at age 69 but I think/hope it was lifestyle more than genes - alcohol, smoking, etc. I don't have a clue then as to how long to "plan" to live but as mentioned whether it's next year or thirty years, if those years are unhealthy ones I would rather not linger just to attain a number. I am hopeful that there are assets for DD but if not, she married into a well-to-do family so I am not too worried about leaving a lot behind.
I'm delaying taking social security until full SS retirement age or maybe a couple more years beyond. That will replace a significant pull from my nest egg. Very roughly going from 3%-4% withdrawal to maybe 2%. I'm hoping the remaining nest egg will then at least keep up with inflation, which sort of makes projecting longevity less important, at least money wise. Whatever is left after old age care or any disaster will go to charity. All my potential family recipients are comfortable on their own. I've grown accustomed to living below my means and probably will continue to do so until the end.
I'm healthy and have a good lifestyle with parents that lived into their mid-80's. I'm thinking there is a reasonable possibility I'll make it into my late 80's.
Both of my parents died at age 69 but I think/hope it was lifestyle more than genes - alcohol, smoking, etc.
Yeah, same thing for me. If my parents hadn't hastened their demise with alcohol and smoking they might have lived for a very long time. Other members of my family have lived well into their 80s and 90s. I took the life expectancy calculator twice so I could get a range, depending upon a "best case scenario" based on good intentions vs a perhaps more realistic scenario, and I fell between 96 and 100.
I don't think I'll have much to pass along, and it will get divided 4 ways. If I can give them something, I would like to. But based on my recent experiences with family homes, I might just liquidate all real estate when I get to be 85 or so and live in an apartment so assets could be split evenly and cleanly. I'm hoping I'll be able to do that. My great-aunt was extremely healthy and self-reliant in her own apartment until she died. I hope I'm like her.
If not, I'll put proceeds from the house towards assisted living, and the kids can get whatever is left.
Needing to enter an email address for periodic updates from the website is enough to discourage me from getting the results of the survey
There is an interesting longevity calculator at
https://www.livingto100.com/calculator
According to that tool my life expectancy is 94.
I could live beyond 94. There is also the matter of morbidity before death. It may be possible (and enlightened self-interest) to compress morbidity. The span of healthy and active years before the onset of debilitating disease is what matters to me most. I will settle for 94, followed by compressed morbidity, then death with dignity. I hope this does not open a can of worms (or fly larvae) in the discussion.
I plan to annuitize assets when I attain the age of 73-75 with the purchase of Single Premium Immediate Annuities (and some deferred annuities with lesser amounts to provide for increases in the cost of living in my riper years.) The annuities will be joint, so the second-to-die will basically die broke.
My grandmothers hit 94. Dad died of lung cancer from smoking. Mom died of bladder cancer/2nd smoke.
At our planned spending rate we won't spend it gone unless we drastically increase our spending. Hubby wants to leave half to our alma mater and nothing to his family, I want to leave some to nieces/nephews and the rest to Humane Society/Public TV/Foodbank.
rosarugosa
11-5-17, 3:54pm
It said 94 for me. I don't want to live to be 94; I think early eighties is the longest I would want to be around. Maybe I should start smoking again!
iris lilies
11-5-17, 3:54pm
does a reverse mortgage factor into anyone's plan, even as a possibility?
does a reverse mortgage factor into anyone's plan, even as a possibility?
Good question. One of my aunts (94) who lives with my cousin has one. Dave Ramsey says they are stupid and costly. But if somebody really wanted to stay in their home and needed extra income, I guess it could be a reasonable option.
does a reverse mortgage factor into anyone's plan, even as a possibility?
In extremis, yes. In reality, I hope not - the fees/rates seem high, and my daughter would like to have this house when we're done with it.
does a reverse mortgage factor into anyone's plan, even as a possibility?
It would be a last resort. The big unknown for me is what medical costs will be. I think with all its different parts Medicare is unnecessarily complex and I would love to see it simplified before I retire in 18 years.
I took that test dado linked and it said 85. But I plan for into my nineties as my mom is already 91 and still healthy.
I think I figure 30 more years, and after that, the kids will have to help out.
I would like to leave money to the kids and grandkids, as well as church and scholarship.
Teacher Terry
11-5-17, 4:29pm
I would downsize to a small condo before doing a reverse mortgage. I remember reading that if both people were out of the home due to needing to rehab for longer then 3 months then they could take the home.
I got 102, probably cuz I don't smoke or drink and my dad's side lives to 100. I try to withdraw only 2-3 percent a year and will delay ss till I am 70. Anything left will be split up between dh and my families and save the children.
Williamsmith
11-5-17, 8:09pm
My paternal grandmother died in her fifties, a tea totaler and a religious zealot. My maternal great grandmother smoked a pipe like a chimney, and drank wild turkey whiskey like a fish. She lived an entire century.
I have a detailed financial plan to live until tomorrow morning. If that happens , I am going to get up at 5:30 am and head to the gym. Tomorrow night I’ll probably throw a few tumblers of Makers Mark back and start the process over again.
This way, if I live to one hundred, they can claim it’s because I exercised religiously. If I die early, they can bemoan that I drank myself to death. I got them all covered.
I admit, my mothers pragmatism after two bouts with cancer has rubbed off on me. She says when the man upstairs punches your ticket, well it’s your time. All the fretting and fussin about financial security .....it’s just frettin and fussin.
My kids will inherit two guitars, one too many firearms, a badge, some patches I cut off my last uniform shirts, my favorite penknife, a few pieces of crudely constructed furniture, and some memories of an imperfect father with a sense of humor and an all too predictable short temper.
I’ve been exposed to too many untimely deaths to take life seriously. And truthfully, I don’t want to end up like Mr. Jingles of The Green Mile.
Ultralight
11-6-17, 6:39am
I got 83 on that longevity test.
I'm trying to arrange things to work around what is essentially unknowable. A pension and social security in the low six figures will cover the essentials and feed a reserve for emergencies, capital repairs and replacement and health care shocks for both our lives. A small investment portfolio can feed a fund for discretionary expenses like major gifts, travel, etc. and also serve as a secondary reserve. I won't feel cheated if there's still a little left in the tank when the wife and I are gone. The kid is welcome to whatever's left at the expiration date.
dado potato
11-6-17, 11:31am
Before agreeing to a reverse mortgage ("Home Equity Conversion Mortgage") I would recommend consulting an elder law attorney... If the home owner hopes that after his/her death the house will pass to heirs, the attorney would presumably explain how a fast foreclosure by the lender could make that hope impossible.
The fees on a HECM are usually high.
US News and World Report had an article 6/16/2017: "6 Drawbacks of Reverse Mortgages", by Maryalene LaPonsie
The Storyteller
11-6-17, 12:15pm
Q1: Not more than 5 years, at least by the past year. I don't really worry about part 2 of Q1. It doesn't cost much for me to live. House will be paid off in about a year. I expect a decent pension+SSI will be more than enough to live and continue to save a goodly amount, after paying living expenses and covering insurance and medical costs.
Q2: I expect to continue to save till I die, more because I will make more than I need to live and my needs are simple. I'm arranging my pension pay so it won't decrease for my wife after I'm gone. After that it is up to her what to do with our savings and properties. But she is a lot like me and will likely continue to save, so expect my kids will get what little property and money we have when she is gone.
The "longevity calculator" said 94 for me (hmm -- said 94 for several of us). 94 would make me by far the longest-lived member of this family in several generations. I should run through the numbers for DW...
"Dying broke", I think, will take more skill than we can muster, not knowing exactly how long we'll need to meet expenses. :0! So I guess the plan is to leave some at the end, though we are not earmarking specific assets or amounts of money for anyone or anything. DD/DSiL have nicer stuff than we do!
Our financial planner worked with us in developing some more constant streams of income beyond SS (DW gets a sizable pension; I managed to vest in two pensions which are really minor in the scheme of things) and we're investing to supplement that. Benefits largely have been set up for the individual who earned them (e.g., no spousal benefits). Neither one of us has discarded the idea of working after full-retirement age, though neither one of us will be doing what we did before retirement. I suppose the state of our health and the medical system will govern what we can do, too.
Our expenses right now have always been set with an eye toward driving many of them down if we had to. I haven't participated in the "how low can you go" thread because I haven't done the math, but my guess is we could push our cost of living down by 20-30% very quickly if we needed to. Retirement likely will see us drop down to one car and the (paid-for) house. The rental property may stay as long as it earns its keep; one outlier strategy is to cash out of our current house and move into the rental as it is smaller and would cost less to live in.
But, who knows? The next time one of us steps outside could be "the day". It's interesting to think that far ahead.
Mine came up at 84 years. I don't know if I want to live that long. Sometimes I think, at 53, that I've lived quite long enough.
Judging by my parents, averaging their ages, I'd say about 17 years; not nearly long enough.
1) My calculator result said age 85. I'd say that's a big maybe - typically my most recent generation of elders gets into their mid to late '70s and then it's lights out.
2) I'll have enough money between pension, SS, savings and contribution from my live-in SO to be fine. If medical bills don't take it first, I expect to be able to bequeath two paid-for modest houses to my only child.
I'm like everyone else in that the big unknown is Quality of life - I'm betting no one wants to live their last years with dementia or severe physical impairments (aside from the purely financial concerns that brings), so the focus on a high number age-wise seems the more minor aspect of this exercise.
The Storyteller
11-6-17, 6:02pm
Judging by my parents, averaging their ages, I'd say about 17 years; not nearly long enough.
If I did that, I died 2.5 years ago. :)
Williamsmith
11-6-17, 6:07pm
1) My calculator result said age 85. I'd say that's a big maybe - typically my most recent generation of elders gets into their mid to late '70s and then it's lights out.
2) I'll have enough money between pension, SS, savings and contribution from my live-in SO to be fine. If medical bills don't take it first, I expect to be able to bequeath two paid-for modest houses to my only child.
I'm like everyone else in that the big unknown is Quality of life - I'm betting no one wants to live their last years with dementia or severe physical impairments (aside from the purely financial concerns that brings), so the focus on a high number age-wise seems the more minor aspect of this exercise.
“Oh Agent Starling, you think you can dissect me with this blunt lil ole tool?”
I’ve been retired 10years now and I’m worth much more now, so I’m not to worried about running out at any age. But I do plan on upping my spending.
looking at most of my relatives the problem isnt how long they live, but how long have they had good health. My dad is 82, but really went downhill around 75. So I’m figuring I need to do everything that I want by then, then I’ll probably slow down and not need as much to get by.
Im sure there will be something left for the kids, but I’m not worrying about it. They can have whatever is left.
BikingLady
11-6-17, 7:41pm
dmc;My dad is 82, but really went downhill around 75. So I’m figuring I need to do everything that I want by then, then I’ll probably slow down and not need as much to get by.
I started watching my folks and inlaws we only have one left now my dad at 89. I then averaged how many good years I have left as I too watched them go down hill at a certain age. Health is everything.
Holy cow, I'm going to live to be 100.
Doesn't shock me...I do make my health a priority, and I've had numerous relatives live to be 100 or in their 90s before dying.
dado potato
11-8-17, 3:22pm
KayLR,
Dame Vera Lynn was interviewed on the occasion of her 100th birthday on BBC Radio 2. Asked for her advice about living a long life, she said:
Be active to your full capabilities. Keep interested, read books, watch television, and try to keep in touch with life and what people are doing, seeing, and enjoying
BikingLady
11-9-17, 5:55am
dado potato, I will say that was the on the spot. Again yesterday I drove across state with my load of food for dad. I forget sometimes I am grateful that I can spend time with him. I feel that is his downfall, not doing all those things listed, actually not doing much of anything. I remind myself every time I leave that my health willing I will do all I can, short of TV!
dado potato
11-9-17, 11:04am
Biking Lady,
Yes, the specific activities Dame Vera Lynn mentioned all are sedentary. She did not mention biking! ... or taking a daylight walk no matter what the weather. The BBC did not ask for my opinion, but I would have included some daily gentle aerobic exercise for the heart, and a meditative discipline like Tai Chi for the balance.
I am sure that your trips to be with your dad mean a lot! "May the wings of love never lose a feather."
My mom passed away last May just before her 91st birthday. She would still be here today I'm convinced, if she had not been so sedentary. She had no health problems precluding her from going out to walk every day. She sat so much she got a sore on her hip, then it became infected, and because she would not get up and walk and stay off of it she became bedridden and died from sepsis. There was only so much treatment to help her; she had to help too. But she pretty much gave up.
She preferred to sit and do needlework and watch tv. We got her a dog (with her permission) thinking it would motivate her to take him out on walks. Well, the dog just got fat and died.
She had no siblings, but all her aunts lived well into their mid- to late-90s. I get really bitter (and relatedly guilty-feeling) thinking about how lazy she got about her own wellness. It makes me determined not to be that way.
Teacher Terry
11-9-17, 2:39pm
We went to a meetup group last night and sat by a woman that I thought was in her 70's. It turns out she was 89. AFter her husband died in his 70's she went to the local community college and applied for a job teaching remedial math 24 hours/week and still does it. Wow was she sharp. Turns out they both had PH.D's and were very accomplished. She described how she went with a group of professors to present a paper in Japan and the woman kept asking where her husband was saying she could not be admitted without him. She told the woman that she was presenting and her DH was having tea with the other spouses. The woman did not know what to do because a woman never presents on a math topic. She had to go get her boss. She had lots of great stories and a fascinating life traveling the world for both of their careers. I asked if she had kids and she said no. I am sure that make it easier but didn't want to ask if it was by choice.
I asked if she had kids and she said no. I am sure that make it easier but didn't want to ask if it was by choice.
Good call. When people ask me if I have kids I say "no, by choice". Everyone I know who isn't by choice is devastated and angry when asked more questions.
San Onofre Guy
11-10-17, 7:58pm
According to the actuarial tables 84 years. My dad lived until 87 and Mum 83. I don't think I will make it that far. My condo is paid for and I have a great pension and savings plus 401k/iras. I actually don't think I will need to touch my inheritance stash for a minimum of 5 years. I do have to withdraw inherited 401k funds annually by law. I fully expect that my children will be fine when I pass, at least financially
iris lilies
11-11-17, 7:42am
Good call. When people ask me if I have kids I say "no, by choice". Everyone I know who isn't by choice is devastated and angry when asked more questions.
I do that, too.I dont want someone feeling sorry for me. I usually add “we have lots of pets instead.”
catherine
11-11-17, 7:50am
I do that, too.I dont want someone feeling sorry for me. I usually add “we have lots of pets instead.”
Do you mind people asking? Sometimes I feel reluctant to ask, particularly when I have just spent 10 minutes talking about my kids. I want to toss the conversational volley back over the net, but I also don't want to pry.
Do you mind people asking? Sometimes I feel reluctant to ask, particularly when I have just spent 10 minutes talking about my kids. I want to toss the conversational volley back over the net, but I also don't want to pry.
Catherine, if you're talking about your children and the other person doesn't chime in with their own kid story, they likely don't have children OR their children are not a subject they wish to share. ie: I know folks who don't because the kid is currently in an addict cycle ( a nephew and a good friend's son), in jail (2 people I worked with in the 80s), estranged.
I suggest not asking. Leave some quiet space for them to talk about what they enjoy or are proud of.....I'll usually jump in with a picture of my beautiful cats (no, these are not my kids and I am NOT Mom to them!)
Childless people NOT by choice have a great deal of pain and sometimes anger. We have a niece who endured chemo/radiation in 2003 to survive lymphoma. When she married my nephew in 2007, they presumed children would never happen. it was very hard as all their friends were having children. They talked to us a lot when we were together. "How do you handle the questions?" " why the hell do people always ask when will we have kids?" Lots of anger.
The more people bring it up, the more pain and anger there is. When choice is taken away, it's a huge emotional charge to deal with let alone getting asked-which to them feels like being grilled because it doesn't stop.
Last time I was asked when we were having kids, we'd been married 28 years. my response? "Well, since the vasectomy was in 1994, I'm guessing never?" We'd been married 14 years already at that point.
My brother/SIL couldn't conceive despite a lot of money spent and effort. She hated the sight of pregnant women. They managed to adopt 3 by age 40. SIL is still pained at the sight of pregnant women and she is 61 now. I don't think a woman who desires children ever overcomes that missed opportunity completely.
Fortunately, 1 of her 3 has 3 kids so she has a 2nd round by providing daycare for those 3. She thoroughly enjoyed the 2nd time around too;) albeit much more tired this time. So she's sorta raised 6 kids!
iris lilies
11-11-17, 9:36am
Do you mind people asking? Sometimes I feel reluctant to ask, particularly when I have just spent 10 minutes talking about my kids. I want to toss the conversational volley back over the net, but I also don't want to pry.
I don't mind people asking because I am happy with my child free status. my favorite thing to say is "I have the number of children I want--0." If they want to chat about how I arrived at that position it is fine with me.
There is an interesting number of women here on this site in their 50's and 60's who do not have children by choice.
When I read the whining posts over on MMM site and elsewhere about how haaaaaaaaard it is to be out of the main stream child free, I just go hunh?
I have never hung out with people with children. Our friends who have children are the anomaly.
When I read the whining posts over on MMM site and elsewhere about how haaaaaaaaard it is to be out of the main stream child free, I just go hunh?
I have never hung out with people with children. Our friends who have children are the anomaly.
You're pretty lucky. Most of my friends had children. It was hard for me to find other folks who were childfree. Some I thought were, just had fertility issues.
And along the way, it was hard for me, as it seemed that new-ish parents only want to be with other parents so they have entertainment for their kids while the adults talk. I was left out of a lot, some of those folks eventually became distant. For my friends with kids, now the kids are grown and mostly gone, its better for me. When I meet folks in their 50's+, children don't tend to be only topic of conversation unlike 20 years ago. I get it, its a phase, and its important to you while you're in it. I just feel left out from any conversation where I can't contribute.
Of my friends from younger days it is interesting how the one's with children drifted away into their social groups with children, and the ones like me without children into our own. I don't have a strong opinion on whether having children is a plus or if being childless is better. I don't have kids and am happy as it is and have friends of a similar bent. There is a feeling left out around people who get into long discussions about the children's successes or challenges. It's unavoidable and sometimes a little awkward, but not that big of a deal.
You're pretty lucky. Most of my friends had children. It was hard for me to find other folks who were childfree. Some I thought were, just had fertility issues.
And along the way, it was hard for me, as it seemed that new-ish parents only want to be with other parents so they have entertainment for their kids while the adults talk. I was left out of a lot, some of those folks eventually became distant. For my friends with kids, now the kids are grown and mostly gone, its better for me. When I meet folks in their 50's+, children don't tend to be only topic of conversation unlike 20 years ago. I get it, its a phase, and its important to you while you're in it. I just feel left out from any conversation where I can't contribute.
Ditto. We got "dumped". We love kids.....other people's kids. But our friends became more and more distant until they disappeared and stopped returning calls. So be it. We enjoy each other's company very much and downtime is psychologically valuable.
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