Ever wanted to figure out how many more years you have left on Earth?
Social Security has a handy tool to help you out. All you need to do is plug in your date of birth, gender, and voila! You get the average length of expectancy of your life, based on a cohort group. Emphasis on the word AVERAGE -- it doesn’t take into account health conditions, smoking, etc.
The Social Security Life Expectancy Calculator is used to help people figure out when they should take their Social Security benefits.
If you’ve already peeked to see the average on how many years you have left, do not despair -- the calculator gives you extra years if you hit certain markers. Say a 55-year-old man now has a life expectancy of just under 82 years. But, if he manages to live until 70, the average life expectancy jumps beyond 85. A woman who celebrated her 30th birthday today has a life expectancy of 84.8 years (or 54.8 years more), but if she reaches 70, the average life expectancy rises nearly four years, to 88.7 years.
Of course, the life expectancy of Social Security is another issue. On Friday, trustees of Social Security announced funds are projected to run out a year sooner than expected. If no additional funds are poured in, Social Security is projected to run out by 2036 -- and Medicare by 2024.