About a decade ago, my dad died at 74 from pancreatic cancer. Doctors don’t really know what causes this disease, but although my dad was in pretty good health, he did have a pretty nasty cigar habit. His death has always left me wondering how many more times I’ll orbit the sun. I have kids, hopefully grandkids, and a lot of things left on my bucket list!
But this question isn’t only about having enough time to do the things you want or to watch future generations of your family grow. It’s also about making sure you don’t outlive your money.
Modern medicine has helped people live longer, and many of us are healthier than our parents and grandparents were at the same age. As a financial advisor, my role is to help clients plan so their assets are aligned to support a wide range of potential lifespans, including living to 90, 95, 100, or beyond.
Forecasting longevity is tricky, but there are a number of factors that have some degree of prediction: smoking, exercise, eating, and alcohol consumption. Genetics as well.
There are a couple of online tools that estimate life expectancy. The University of Connecticut’s “Healthy Life Expectancy Calculator” is more detailed, asking about height, weight, education, income, exercise, current health, diet, sleep, and smoking and alcohol use. The American Academy of Actuaries offers a simpler questionnaire with just a few questions. Neither calculator accounts for genetics, so that’s something you have to consider on your own.
Take a look for yourself—your results may surprise you. I’ve discovered I might be around longer than I thought!