How Long Will I Live? Planning for Longevity in Retirement
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 14 October 2024
⏱️ 22 minutes
🧾️ Download transcript
Summary
In this episode, we talk about an important part of retirement planning that many people overlook—figuring out how long you might live. We explain why using average life expectancy or guessing based on family history can be risky, and why it's important to plan for a longer life. We also share tools that can help you estimate how long your savings need to last, whether you're planning on your own or with a partner. Making a solid plan for how long you'll need your money is key to a secure retirement.
Resources to use:
Actuaries Longevity Illustrator (ALI) https://www.longevityillustrator.org/
SSA Life Expectancy Calculator https://www.ssa.gov/oact/population/longevity.html
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.5 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.5 | I'm your host, Devin. |
| 0:14.6 | Join today by my co-host, John K. Ross IV. |
| 0:17.7 | Howdy? |
| 0:18.3 | All right, John, you've been back in the studio for a while now, returning from your summer-slash early fall travels. That's true. It's good to have you back. Yeah. Get the band back together a little bit. Yes, yeah. And we're going to talk about socks. Oh, yeah? Uh-huh. Tell me a little bit about it. Tell me. Well, so let me ask you. let's say you're going to go out and do some, |
| 0:38.2 | some, some exercise, some physical exercise, right? |
| 0:42.3 | A walk. A walk. You're going to go for a walk. You and the wife are going to go for a walk. |
| 0:45.5 | So you go home, you get your physical activity clothes out. What kind of socks do you wear? |
| 0:52.6 | Well, typically, it's going to be some shorter socks. |
| 0:57.9 | They're like a no-show. So the no-show. So my foot is between a 12 and a 13. So the problem with a |
| 1:05.7 | no-show is they will ride down and cause a blister. So I generally get one that's a little taller than that. |
| 1:11.0 | Just a little taller. |
| 1:11.9 | So an ankle. |
| 1:12.3 | But on me, it can be a still looks like a no-show sock, right? Yeah. So basically an ankle sock, ish, ish, right in there. Yeah. That's because you're old. Yeah. Obviously. But I didn't, I didn't realize that this is a thing. Did you know it was the thing? |
| 1:27.2 | That ankle socks are for old people? |
| 1:28.9 | Yes. |
| 1:29.5 | Well, yeah, because when we started wearing ankle socks, what the old people were were the tall white socks. Well, apparently the crew sock, the mid shin, that's the, that's the thing. Oh, it is. Yeah. So that's what the, that's what all the kids are wearing these days. Well. And so there's like this whole thing on like Instagram and stuff like that about, you know, people, you know, they, you can tell there's the old people in the gym because they're wearing their their ankle socks. That's just crazy. That's just crazy. But, you know, on, on the one hand, try to say to myself, you know what, you know, maybe I should invest in some new socks and get me some crew socks. That way I can keep up with the youth, right? But that's not what I'm on to do. Because, you know, I go to the gym every day. Every morning. Every day, every morning. Lift weights, big weights. I want... |
| 2:17.8 | So old as a goal. |
| 2:18.6 | I want all those broccoli-headed teenagers to know the old man is outlifting. |
| 2:27.1 | But the reason I bring all of this up is because I think it goes somewhat to our topic today. |
... |
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