Not exact matches
In technical terms, they're roughly «actuarially neutral,» which means they confer no general financial advantage for taking your pensions early or late,
assuming you have
average life expectancy.
Assuming you reach the
average U.S.
life expectancy of 78, that's about 15 years of your
life you're going to spend watching TV.
What they do is take the
average life expectancy of someone your age and
assume a payout over this period.
Of course, these people would also have eaten far better than the
average person, been preserved from the fatal forms of manual labour and have had better «medical» care than the
average person, so I
assume that a
life expectancy of 44 for women and 49 for men is a titch on the high side.