Life Expectancy is critical for determining the end date for certain resources and goals in a plan.
The Household Balance Sheet supports two different methods for determining the life expectancy of a household:
- Actuarial Method
- End of Life Method
The Actuarial Method utilizes standard actuarial tables to determine important inputs for a plan such as median life expectancy, maximum life expectancy, and survival probability of the principals of the household and other household members associated with a plan.
The End of Life Method utilizes the specific life expectancy age that you enter for each principal of the plan instead of actuarial tables: