1. What is Lifetime Income?

Lifetime Income is an estimate of total earnings over a person's working lifetime. It's calculated by multiplying annual income by life expectancy, providing a rough estimate of total lifetime earnings.

2. How Does the Calculator Work?

The calculator uses the Lifetime Income equation:

Where:

• Annual Income — Yearly earnings in USD
• Life Expectancy — Expected remaining years of life

Explanation: This simple multiplication gives a basic estimate of total lifetime earnings, assuming constant income and no inflation.

3. Importance of Lifetime Income Estimation

Details: Estimating lifetime income helps with financial planning, retirement savings goals, and understanding long-term earning potential.

4. Using the Calculator

Tips: Enter annual income in USD and life expectancy in years. For more accurate results, consider using average income over career and actuarial life expectancy data.

5. Frequently Asked Questions (FAQ)

Q1: Does this account for income growth over time?
A: No, this is a simple calculation assuming constant income. For more complex projections, consider career growth and inflation.

Q2: How accurate is this estimate?
A: It's a rough estimate. Actual lifetime earnings may vary due to career changes, unemployment, promotions, and other factors.

Q3: Should I use current income or projected income?
A: For basic estimates, current income is fine. For retirement planning, consider average expected career income.

Q4: Where can I find my life expectancy?
A: Use actuarial tables or online calculators that consider your age, health, and family history.

Q5: Does this include taxes and expenses?
A: No, this is gross income before taxes and living expenses.