Death isn’t the most pleasant thing to think about. But the reality is that it will happen to all of us.
The Social Security Administration (SSA) has a vested interest in the timing of your death. That’s because they’re responsible for making sure you receive timely monthly payments from the time you start claiming your Social Security benefits until you die, and even beyond in the case of survivor benefits.
As a reminder, you can start claiming Social Security at age 62 — but money expert Clark Howard prefers that you wait until age 70 for a variety of reasons.
How to use the Social Security Life Expectancy Calculator
To help you understand how long you’re likely to live in retirement, the SSA has a life expectancy calculator on its website:
Just pop in your gender and your date of birth and you’ll get an estimate:
What the Social Security longevity calculator doesn’t take into account is current health, lifestyle and family history. Those factors can play a big role in either increasing or decreasing your life expectancy.
Here’s another longevity calculator that’s worth a look
It includes questions about your age and physique, life events, fitness and lifestyle. You’ll get a customized life expectancy based on 400,000 data samples from the National Institutes of Health.
If the results from these calculators have you concerned about providing for yourself and your family in your later years, a longevity insurance policy purchased at retirement age may be a smart choice for you.
More money & retirement stories on Clark.com
- This is the age when Clark Howard plans to start collecting Social Security
- What happens to credit card debt when you die?
- Warning: Don’t fall for this new Social Security phone scam
The post This Social Security calculator shows you how long you can expect to receive benefits appeared first on Clark Howard.
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