When you lose a loved one due to someone else's negligence, the emotional toll is devastating. While no amount of money can replace your family member, South Carolina law recognizes the financial impact of an untimely death. Our experienced Anderson wrongful death lawyer carefully analyzes life expectancy data to help ensure your family receives fair compensation for lost future earnings.
Understanding how life expectancy affects your wrongful death claim's value can feel overwhelming during this difficult time. Our team takes time to explain each factor that goes into this calculation when projecting what would have been their lifetime earnings.
The Foundation of Life Expectancy Damage Calculations
Life expectancy calculations form the basis for determining economic damages in South Carolina wrongful death cases.
For example, take a 35-year-old electrician earning $65,000 annually who dies in a commercial truck accident. In this case, we must consider that they likely would have worked another 30 years until retirement age. However, the calculation goes far beyond simply multiplying their current salary by those remaining work years.
Economic experts can analyze industry data to show that skilled electricians typically see 3% to 5% annual pay increases and often move into supervisory roles by their mid-40s. We also factor in the value of employment benefits like health insurance, retirement contributions, and bonuses that your loved one would have earned throughout their career.
Adjusting for Career Growth and Advancement
Someone early in their career often has significant unrealized earning potential. Consider a 28-year-old accountant who recently completed their CPA certification but sadly died in a pedestrian fatality. While they may be earning $55,000 currently, data shows CPAs typically advance to senior positions earning over $100,000 within 10 years.
Our wrongful death damage calculation must account for this natural career progression they would have experienced. We gather evidence like performance reviews, promotions, and industry salary data to demonstrate your loved one's likely career trajectory. This helps ensure the final calculation reflects not just what they were earning, but what their future earnings would have looked like over a full career.
Understanding Inflation and Cost of Living Adjustments
Inflation steadily erodes purchasing power over time, making today's dollar worth less in the future. Our economic experts incorporate projected inflation rates when calculating future earnings. For instance, if inflation averages 2.5% annually, a $75,000 salary today would need to grow to approximately $123,000 in 20 years just to maintain the same purchasing power.
Cost of living adjustments (COLAs) also play a crucial role in lifetime earnings calculations. Many employers provide annual COLAs to help wages keep pace with inflation. Some industries, particularly government and union jobs, have guaranteed COLA increases written into their employment contracts. We analyze your loved one's employment agreement and industry standards to accurately project these regular increases.
Career Trajectories Across Different Professions
Different professions follow distinct earning patterns that we must consider when calculating lifetime earnings.
Medicine
Medical professionals often see dramatic income increases early in their careers. A physician completing residency at age 30 might start at $180,000 but could reach $400,000 or more within five years as they establish their practice and build a patient base.
Education
Teachers follow a more structured progression based on years of service and education level. A first-year teacher earning $45,000 might reach $75,000 after 15 years, with additional increases for pursuing advanced degrees or taking on administrative roles.
Sales
Sales professionals often have highly variable income based on commission structures. A pharmaceutical sales representative might have a base salary of $60,000 but earn a total compensation of $120,000 or more through commissions and bonuses. These earnings typically increase as they develop their client base and gain industry expertise.
Labor
General laborers and skilled trade workers often follow different earning trajectories. A general laborer might begin at $35,000 annually, but if they learn to operate specific equipment or gain certifications in areas like scaffolding or hazardous materials handling, their earnings could grow to $55,000 within five years. Those who advance to lead positions or join unions typically earn higher wages, sometimes reaching $70,000 annually with overtime and benefits.
The Impact of Additional Income Sources
Many people have income beyond their base salary that must be considered. A construction worker who regularly works overtime might earn an additional $15,000 to $20,000 annually above their base pay. A sales professional may receive substantial commissions or performance bonuses. Some individuals have side businesses or investment income that would have grown over time.
It is important to account for all future earnings to determine the full value of wrongful death damages. Our team thoroughly reviews tax returns, pay stubs, and other financial records to identify all income sources. We then project how these earnings would have increased over your loved one's expected lifetime.