Welcome to our Life Expectancy Calculator! Find out how much longer you and your spouse are projected to live. For more information regarding life expectancy, see our informative article below the calculator!
How Long Can You and Your Spouse Expect to Live?
There are many important reasons to know your life expectancy other than just out of morbid curiosity.
We’re going to show you how our Life Expectancy Calculator can help you with your finances.
Here’s what you need to know . . . .
What is Life Expectancy?
Life expectancy is the expected number of years of life remaining at a given age. The result changes once you reach various ages.
For example, at age 1 as a male you’re expected to live until 75.9 years. But if you make it to age 50, you’re expected to live until age 79. You can see how various ages change the calculation.
In addition, if you’re a female, you’re likely to live longer than your male spouse assuming your ages are identical. Women tend to live longer than men, and it’s important to keep this in mind while working through your financial plan.
Why Knowing Life Expectancy is Important
You need to know – approximately – how long you have left to live. Here are some reasons why:
1. Know How to Set Retirement Distributions
By figuring out your life expectancy, you’ll have another important variable in calculating retirement distributions. If you know you don’t have long to live, you’ll be able to take more money out of your retirement assets – enjoy it while you can!
Likewise, if you are projected to live a long time, you’ll want to take more conservative amounts out of your retirement assets.
2. Know Who Will Pass First
There are several reasons why you’ll want to know who is likely to pass away first – you or your spouse.
Mainly, it helps you plan the future. Will the surviving spouse need less space after your passing? When will that be? How much money will still be required to run the household? You’ll be able to better project future expenses knowing who will pass first.
3. Become Motivated to Improve Your Health
There’s nothing like a Life Expectancy Calculator to motivate you toward better health. And with better health, comes a healthier financial situation.
Think of all the medical conditions and bills you’ll avoid. Work with strength and be more productive!
You know what you must do: exercise and eat right. By doing so, you’re likely to live longer than your life expectancy limit.
Life Expectancy at Birth
Life expectancy at birth varies from country to country. The World Health Organization has an excellent interactive chart showing life expectancy at birth.
There are many factors that contribute toward differing life expectancy at birth rates, including nutrition, economic conditions, safety, housing issues, the spread of various diseases, and more.
Keep in mind these are averages, and do not necessarily represent how long you’ll live due to residing in a certain country. As mentioned before, your ability to improve your health contributes to your lifespan.
Personalize Your Estate Plan
The truth of the matter is, you don’t know when you’re going to die. Sure, the Life Expectancy Calculator will help you make an educated guess, but accidents and unforeseen circumstances do occur.
This is why it’s so important to personalize your estate plan during Phase I: The Foundation Phase. You need two things:
- A Living Trust – Reveals your wishes for your assets, your minor children, and estate after you pass away.
- A Living Will – Reveals your desires for decisions affecting your medical condition, in situations where you may not be able to express them.
Even though the Life Expectancy Calculator estimates how long you have to live, you never know what tomorrow holds. Don’t pass away without these two important documents.
We’re surely going to die someday. It’s a fact of life. But by using our God-given resources and taking care of our family, friends, and God’s children, we’ll have lived a life worth living.
Use the Life Expectancy Calculator to help you plan your future. But remember that life is not guaranteed, and we’re to live it for Christ, every day.
For, “All people are like grass, and all their glory is like the flowers of the field; the grass withers and the flowers fall, but the word of the Lord endures forever.” And this is the word that was preached to you. – 1 Peter 1:24-25 NIV
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