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The cost of a "long life" (20,000 hours life) 60W incandescent bulb
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did you mean 2,000 hours?
Four-pack for $1.20 = $0.30 each
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In Connecticut, electricity currently costs about $0.20/kWh for residential customers!
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Areas served by nuclear power plants pay as little as $0.015 off-peak.
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Redoing these calculations with the US national average of $0.1153/kWh results in an annual savings of $18.28.
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You are ignoring the value of the heat emitted by the incandescent. In colder climates, this is not waste heat. It helps heat the house. You have to figure in the price of the heating fuel you saved.
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Let's say the light bulb that died was on for eight hours a day, every day, which results in an on time of 2992 hours per year.
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This seems unrealistic as an average, unless you are suggesting replacing only high-use bulbs with LED.