As life expectancy increases around the globe, so too do the associated costs of providing retirement benefits to those who live longer. For the Internal Revenue Service (IRS), this means updating their tables annually to account for the changing life expectancy of the population. This year, the IRS released its updated Life Expectancy Tables for 2017, which are used to calculate Required Minimum Distributions (RMDs) from individual retirement accounts (IRAs). The new tables provide valuable insight into the longevity of individuals and how it affects their financial planning.
The Life Expectancy Tables for 2017 are based on a number of factors including gender, marital status, and age. The tables provide a snapshot of the average lifespan of individuals in each category and can be used to calculate RMDs from IRAs. Understanding the data from the tables can help individuals plan their retirements more effectively and ensure they are able to make the most of the money they have saved. In this article, we will explore the details of the 2017 Life Expectancy Tables and discuss the implications of their findings.
We'll start by looking at the overall life expectancy of the population. According to the 2017 tables, the average life expectancy at birth is 78.8 years, up slightly from 78.6 in 2016. This increase is mainly attributed to a decrease in infant mortality rates. Improvements in medical technology and healthcare access have extended the life expectancy of people around the world.
The tables also provide a breakdown of life expectancy based on age, gender, and marital status. For example, the tables show that men aged 65 can expect to live to an average age of 84.3, while women of the same age can expect to live to 86.6. There is also a difference in life expectancy between married couples and unmarried individuals. Married couples can expect to live an average of two years longer than unmarried individuals.
Beyond the life expectancy figures, the tables also provide important information on how to calculate RMDs. RMDs are required by the IRS for individuals who have reached a certain age, and the amount of the distribution depends on the age of the individual and the amount of money in the account. The 2017 tables provide an updated look at the life expectancy figures used to calculate the RMDs, making it easier for individuals to plan for their retirement.
Finally, the tables also provide insight into the growing trend of longer life expectancies. As medical technology continues to advance, people around the world can expect to live longer and healthier lives. This has significant implications for financial planning, as individuals need to ensure they have enough saved to support themselves throughout their retirement. The 2017 Life Expectancy Tables provide valuable insight into this trend and can be used to help individuals plan for their future.
In conclusion, the 2017 Life Expectancy Tables provide important information about the longevity of individuals and the associated costs of providing retirement benefits to those who live longer. By understanding the data from the tables, individuals can better plan for their retirement and ensure they have enough saved to support themselves throughout their golden years.
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