The first question one should ask is, “Why do I want to know my maximum heart rate?”
The answer for most people is, “Because I’m a non-athlete beginning an exercise program, and I want a way to guess at the BPM ranges for the zone-based training plan upon which I am about to embark.” 220-age is fine for that, but experienced athletes who use heart rate monitors know what their real-world maxima are, and those don’t often correspond to the formula.
I’ve been a serious bicycle racer since I was 11 years old, and started training with a heart rate monitor at 15. When I was 16, the formula would say my max was 204 BPM, but I routinely hit 210 and occasionally hit 220. The formula would imply that I was -16 years old at the time.
I slacked way off between going to grad school and having kids, and only started using a heart rate monitor again a couple of years ago. I’m 44 now, but I still hit 190-195. But it’s not that “I have the max HR of a 25-year-old” or something like that. I’m 5’8” tall, and body size has a lot to do with heart rates. I have tall friends my age whose max is about 160 BPM. Their resting heart rates are also lower than mine even though we”re in similar shape.
RunningCoach covered this already, but I agree: your observed max is more useful as long as you’re an experienced athlete or have been tested in a lab to the point of failure. I say this because many sedentary people simply aren’t used to pushing themselves very hard. Without heart rate zones, some of these people would think they were working hard well before they reached their anaerobic threshold.
There’s a truism in endurance sports: the winner is often the person willing to suffer the most (both in training and in competition). By definition, suffering is hard. It’s also a skill that can be learned.
I’m not saying recently sedentary people are lazy; I’m suggesting that some of them are simply unused to sustained aerobic exercise. In a very general sense: if you can carry on a conversation as you run, you’re not getting much of a training effect.
So an otherwise-healthy sedentary person my height might see a max HR of 160 from one of his first runs and use it to conclude that, in terms of zones, he should be at around 120 BPM to see an aerobic training effect. Because I happen to know that I can hit 195 BPM, I’d need to be at about 145 BPM. While the 220-age formula says I’d need to be at around only 132 BPM to be in the aerobic zone, that’s closer than 120 BPM. I probably hit 120 BPM doing housework.