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Age is wrong?

Submitted by rsine on 12 June 2011 - 7:18am

Hi,

ESPlanner keeps telling me that I am a year are a year older than I really am.

If you must know, I'm Oct 6 1970, entered 10/6/1970 and it'e telling me I'm 41.

Since it's also telling me I don't need any life insurance, I'm starting to think this program has it out for me! :-)

‹ Monte Carlo folder not showing. Can't access portfolios ESPlanner versus Torrid-Tech Retirement Software ›
Submitted by jdupton on 12 June 2011 - 10:07am.
1

ESPlanner does everything on a yearly boundary. In 2011, you will be 41, so it uses that as your age in the reports.

For most things, this works out just fine. Since my birthday is also near(er) the end of the year, I do make adjustments (using Special Receipts) to account for the start of Social Security but if you are a long way from retirement, even that won't matter.

John

Submitted by Lowell Williams on 13 June 2011 - 6:31pm.
2

I think the only time your month and day of birth are used is determining your SSA retirement date (FRA)

Submitted by Dick Munroe on 14 June 2011 - 8:44am.
3

Your day of birth is used only briefly in calculating the Full Retirement Age for the SSA. After that, the SSA uses only month/year based calculations.

Insurance buys are based on maintaining the survivor's standard of living "in the manner to which they have become accustomed". If you have sufficient assets in any given year (retirement accounts, regular assets, special receipts, etc.) to support that standard of living from now until the death of the survivor, no insurance is purchased. It's not magic, just math. These are the numbers.

If you want your survivor to have a better life without you, then increase the survivor's standard of living (See the Assumptions folder, I think it's there) and you'll probably start seeing life insurance buys if you get high enough.

Best,

Dick Munroe

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