Do You Think You Will Live Ten More Years?
Have you been taught to number your days? You should be taught this reality. The Psalmist said, “So teach us to number our days that we may get a heart of wisdom.” Psalm 90:12
You probably don’t like to think about this, but life is transient, brief, and a temporary existence. Your days are numbered and you are in a precarious situation, with a limited time left before you die. Exercise and diet may help, but the end is coming. Earlier in the same Psalm he says, “The days of our years are threescore years and ten; and if by reason of strength they be fourscore years, yet is their strength labor and sorrow; for it is soon cut off, and we fly away.” Psalm 90:10
Sadly, far too many people miss out on the opportunities of life because they don’t want to plan or budget or think about the future. They also don’t think their days are numbered. As a result they make poor choices about spending, giving, and living. This bleeds into their life choices about retirement.
I am currently helping a friend who is now retired and at age 65 has saved $75,000 for his retirement years. That, my friend, is not a good retirement nest egg. He did not number his days very well and only now is he starting to think about the reality of the next ten, twenty or thirty years.
What Does Social Security Think?
The Social Security Administration may not really be the best source for retirement funds, but at the very least the SSA can help provide a reality check. Here are two things they know: 1) They are certain you will die and 2) They realize you may live a long time and receive benefits for a long time. Therefore, they want to try to forecast how long you may live. They provide a calculator you can use to help forecast (and I use that word with a smile) your longevity or endurance as a living human. SSA Calculator
Here are the results for Cindie and me. Of course, there is no guarantee either of us will live to age 87 nor is there a guarantee we won’t live past that date. Every morning I wake up I realize this could be the last day. However, this calculation can help inform decisions.
Longevity Illustrator
Another resource mentioned by Anne Tergesen in her WSJ article, “I Tried Answering a Big Unknown in Retirement Planning: How Long Will I Live?” is a longevity illustrator. Here is a link:
Again, here are a couple of images from this tool that show me and Cindie on the same graphs.
Why Does Longevity Matter?
This matters for at least five reasons. The first is that younger people need to think about their futures. Unlike my 65-year-old friend who did not think about his future, if you are not yet 65 the time to think about age 65 is today. It is not unreasonable for most in their twenties to live to their seventies or eighties. This is especially true for women and married men.
The second reason is that your investment choices should reflect your age, your life expectancy, average inflation erosion of your dollars, and the needs of those you love. What something costs when you are fifty is nothing like what it will cost thirty years later when you are eighty.
The third reason is related to charitable giving. Your longevity should inform your giving decisions for 2026 (and beyond), not just the gifts you mention in your will or living trust documents. It is best to give when you are alive. The benefits of this are that you can observe the results of your giving, and you can see how your contribution made a difference in the lives of others. I can guarantee without any reservation that you cannot and will not take your IRA with you when you die. Cheerful generous giving is good for the soul.
The fourth reason involves thinking about those you love. Far too many parents do not have a will and have not considered their children’s needs. Far too many husbands do not have a will. Creating a will certainly involves thoughtful preparation, time and expense. However, failing to have a will creates a real mess and extra costs after you depart. If you love your family you will have a will and some also should have a trust.
The fifth reason is that you will make different decisions if you are thinking “my life is a vapor.” I’m like the steam that rises from a hot road after a brief rain shower on a hot, sunny August afternoon. In other words, you will think differently about what really matters. James wrote, “What is your life? It is even a vapor that appears for a little time and then vanishes away.” James 4:14
The Big Unknown
While you don’t know how long you will live, most can reasonably count on ten more years of life if you are younger than 65. Choices you make should think “I am a vapor” and, at the same time, “I might be around when I am 85 years old.” Strike a balance. Live like today is your last day but plan like you have a long time before you depart.
“One of the big unknowns that make retirement planning so tricky is the unpredictability of human longevity. Americans often rely on one-size-fits-all assumptions, putting them at risk of saving too little—or too much. It’s a danger many of us face given the shift toward 401(k)s and away from pensions, which guarantee a lifetime income.” Anne Tergesen, WSJ
Actionable Items
Remember that today may be your last day before you meet your Maker. At the same time, are you also thinking correctly about the future should you live another ten, twenty, thirty, forty, or fifty years?
- Do you have a will? Is it current?
- Are your retirement contributions in alignment with your potential life expectancy and the life expectancy of your spouse or other dependents?
- Did you use the Rule of 72 to help you make informed decisions about your investments?
- What have you done to prepare for your post-death life? Read John chapter 14 if you need to understand the best everlasting life insurance available.
Conclusion to Chapter Eight
No one knows their expiration date. That is a good thing. Far too many would worry rather than live life. Others would put off things that need to be done today. Just remember you do have an expiration date. That reality should inform your decisions.
This is also a reminder not to worry as you think about these things. Jesus said, “And which of you by being anxious can add a single hour to his span of life?” Matthew 6:27
When I wrote this I thought I had everything completed that I wanted to include. Then a friend showed me something that was written several years ago that caught my eye. I liked the reminder in the tract. What caught my eye was this: “You have plenty of time, but not an hour to spare.” Here is the complete tract if you are interested…
Helpful Resources
Investopedia Rule of 72 Overview
Final Thoughts
If you are an atheist or an agnostic, let me encourage you to reconsider your current mindset. There is a God, and he cares about you. However, you cannot enter his presence on your own or with your own resume. God set eternity in your heart, so don’t suppress that sense and approach the scriptures to seek out an understanding of God and the reason Jesus came to earth.
“He has made everything beautiful in its time. He has also set eternity in the human heart; yet no one can fathom what God has done from beginning to end.” Ecclesiastes 3:11
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All scripture passages are from the English Standard Version except as otherwise noted.
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