My goal is not necessarily to leave money to my heirs, but definitely to not run out of money. For my purposes, a maximum possible age of 110 is cutting it close. Although it is not desirable to me, I hear of people in my circle every day with a relative or friend of friend who lived to 103, 106, etc. This people who live that long are almost always women. Changing the max age from 110 to 120 would help a lot, and is likely one line of program code.
Also, this problem is not solved for me by setting an amount to remain at end of life. I want to model all the “super old age” expenses and see what happens.
Thanks for considering this.
@debrazebra You’re being smart to be conservative but your might want to check out
@jkandell excellent health isn’t my concern, nor is living to 120. I just want to see how my financial plan does a little past 110, especially assuming not excellent health. I don’t expect to live that long, although anything is possible. My mother is 93, with possibly not enough money , and I don’t want my children to have the worried I am dealing with. It’s just a programming variable.
@debrazebra I get it, and as you say, it’s only one programming variable. I just didn’t know if you were aware that as a women in average health your odds of getting to 105 are 1% and even in excellent health only 3%. The odds drop dramatically once you get past 100 (11%). But i agree they might as well go past 100.
The max life expectancy is now 125. Probably the easiest change I will make this month.
The max life expectancy is now 125. Probably the easiest change I will make this month.
This can be in pralana’s new superbowl ads: “Users of our software now live up to 125 years!”
You are probably aware of this but someone who has longevity risk/concern can model how an annuity (immediate, deferred, or QLAC) can reduce this risk significantly but not without the obvious trade-offs. Yes the probabilities are low but not zero and someone that old is likely not managing a portfolio. I am not promoting this approach as a general recommendation just a consideration.
@jkandell horrifying. That would be a definite bug, not a feature.
