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Table 1 (Males) and Table 2 (Females) are for life expectancy and loss for life. Tables 3 to 14 are for loss of earnings up to various retirement ages. Tables 15 to 26 are for loss of pension from various retirement ages. Table 27 is for discounting for a time in the future and Table 28 is for a recurring loss over a period of time. [7]
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment and other industries and professions. Actuaries are professionals trained in this discipline.
Life tables can be extended to include other information in addition to mortality, for instance health information to calculate health expectancy. Health expectancies such as disability-adjusted life year and Healthy Life Years are the remaining number of years a person can expect to live in a specific health state, such as free of disability .
So, if you’re aiming for $100,000 a year in retirement and also receiving Social Security checks, you’d need to have this amount in your portfolio: age 62: $2.1 million age 67: $1.9 million
According to the Social Security Administration (SSA), your 35 highest-earning years are taken and a formula is applied to calculate your benefit, so higher earners get larger Social Security checks.
The actuarial present value (APV) is the expected value of the present value of a contingent cash flow stream (i.e. a series of payments which may or may not be made). Actuarial present values are typically calculated for the benefit-payment or series of payments associated with life insurance and life annuities .
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