Mortality Tables can be useful guides for estate planning as they can give guidance on investing strategies and retirement planning needs. However, it is important that these tables are not given the final say in planning, as many individuals outlive the life expectancy age that is given to them by the tables. In addition, the average life expectancy is on the rise. To play it safe, financial planning should be done past the expected life expectancy, and for some individuals even more leeway should be given, such as those that live in urban areas, have healthy life habits, are well-educated, and are married.
See Alan Lavine, Sizing Up a Client’s Lifespan, Wealth Management, Sept. 16, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
