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Don't count your fall chickens yet. Longevity is falling at lower income and education levels.
The Society of Actuaries (SOA) is the official keeper of mortality tables used to calculate the value of future pension obligations. (An Actuary, the old joke goes, is like an accountant but without the bubbly personality.) The SOA officially updated their tables last month.
American men are living an average of two years longer than they were in 2000 (the last time the tables were revised), and women are getting an additional 2.4 years of life.
Longevity is increasing along the entire spectrum of income and education.
People with more education do indeed live longer than people with less. The same is true for people with higher income compared to lower income. But everyone is living longer than they used to.
This discrepancy is primarily due to lifestyle choices - which doesn't come as a surprise to anyone who has spent time in a casino where you can see overweight elderly retirees on electric scooters feeding their pensions & social security checks into slot machines, oxygen tanks in tow with tubes dangling behind their heads, with a lit cigarette dangling from their lips and a bourbon on the rocks in hand, all at 7:30 AM.
If millenial means born from late 70s to mid 80s, then I think now that the recession has abated somewhat, it's OK to get a job and for good income. And compared to our parents, our generation has more opportunity to go overseas, or work online and be entrepreneurial. It's not so bad as people make out IMHO.
If millenial means born from late 70s to mid 80s, then I think now that the recession has abated somewhat, it's OK to get a job and for good income. And compared to our parents, our generation has more opportunity to go overseas, or work online and be entrepreneurial. It's not so bad as people make out IMHO.
No, that's just the time-frame that experts on generation psychology. Millennials were born about 1982 (as that was the last year that one can be Gen X) up until 2000 or so. The issue is the millennials came to working age during a recession or if not were still early on their careers. Add that to stagnant wage as oppose to rising costs and it isn't easy. I do think in some cases with how we are integrated into online with turning blogs and youtube channels into money in ways boomers couldn't.
I have a 401k, so if I dont get social security.. oh well..
But if I do end up getting it, ill probably waste it at the casino or at whatever retired people do.
A 401k was originally designed to supplement a traditional pension and SS. The traditional pension is becoming a thing of the past. This is why it's more important than ever to obtain a very high income since you have to devote a considerable amount of money for retirement. People retiring shortly might need 1-2 million to have a comfortable retirement. In the future you might need double or triple that. The key to gaining a high income is to study a field that has a high rate of return on investment, living well below your means and you might retire a millionaire.
The Society of Actuaries (SOA) is the official keeper of mortality tables used to calculate the value of future pension obligations. (An Actuary, the old joke goes, is like an accountant but without the bubbly personality.) The SOA officially updated their tables last month.
American men are living an average of two years longer than they were in 2000 (the last time the tables were revised), and women are getting an additional 2.4 years of life.
Longevity is increasing along the entire spectrum of income and education.
People with more education do indeed live longer than people with less. The same is true for people with higher income compared to lower income. But everyone is living longer than they used to.
This discrepancy is primarily due to lifestyle choices - which doesn't come as a surprise to anyone who has spent time in a casino where you can see overweight elderly retirees on electric scooters feeding their pensions & social security checks into slot machines, oxygen tanks in tow with tubes dangling behind their heads, with a lit cigarette dangling from their lips and a bourbon on the rocks in hand, all at 7:30 AM.
those ages are only the 50% point where 1/2 are dead and 1/2 are alive. that is a huge amount of people living longer than those numbers even suggest .
couples have even longer expectancy since either one can out live the other.
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