Does anyone have a better mortality table to use for Core Capital calculations than this one?: https://www.ssa.gov/oact/STATS/table4c6.html
Using the table mentioned above results in a high probability of at least one spouse surviving well into the 100s.
https://www.soa.org/research/topics/aging-ret-res-report-list/
Here’s some research by the Society of Actuaries on aging and retirement issues. Your issue might not be a “better” mortality table, but one that fits the circumstances of the clients.
Mortality has been improving (COVID-19 aside) for the last few decades. Back in the day, it was a miracle that somebody made it to 100. Now, it’s just one of the 1 minute fillers on your local evening news.
Haha, yeah that’s a good point. I also found some information online about how to end your mortality table, since they never go down to 0% probability of survival. Here are a few methods I found:
The Forced Method: Select an ultimate age and set the mortality rate at that age
equal to 1.000 without any changes to other mortality rates. This creates a
discontinuity at the ultimate age compared to the penultimate and prior ages.
The Blended Method: Select an ultimate age and blend the rates from some
earlier age to dovetail smoothly into 1.000 at the ultimate age.
The Pattern Method: Let the pattern of mortality continue until the rate
approaches or hits 1.000 and set that as the ultimate age.
The Less-Than-One Method: Select an ultimate age but end the table at whatever
rate is produced at that age so that the ultimate rate is less than 1.000.