Individual and Joint Life Annuities from 2014 Extended U.S. Life Tables

Jones and Tucek recently provided U.S. Life Tables for 2010 to 2014 extended to age 120. This note uses their 2014 tables to update and expand an earlier note based on the 2005 U.S. Life Tables. As in the earlier note, the real product is not the note, but the extension of the Life Tables to allow calculation of life annuities, temporary life annuities, and deferred life annuities, for both individuals and for couples. The tables are expanded to include a parallel set using laddered spot interest rates to value the annuities and to allow specification of non-integer ages. A major change is that the information has been arranged so that the user need only consult the ReadMe page where all inputs are entered and all outputs recorded. Download available from the Journal of Legal Economics website (www.jle.aaefe.org).