Calculating Life Expectancy

Old coupleWho’d have thought, just a few years ago, that life expectancy for both men and women would be soaring the way it is today?
According to the World Health Organization, Americans now have an average life expectancy rate of 79.
Some other countries already have an average of age 84 and there are now more centenarians in this country that ever before.
On retirement, some of us can look forward to decades of golden years. But, of course, there’s no way of knowing our longevity.
On the other hand, there are some predictors, such as our family background, our lifestyle and the risks we take.
Several organizations have gone a step further by creating life expectancy calculators, such as this one that you can complete online from Wharton College.
We wouldn’t count on these for accuracy but they do give some useful pointers on the factors that likely contribute to your longevity – so you can see if there’s room for improvement!
One question that our potentially longer lives beg is whether we’ll have enough money to see us through, which is why it’s so important to have a sound retirement plan in place.Retirement
More and more these days we’re hearing questions about whether you can get insurance that will pay out after you pass a certain age – longevity insurance as it’s called. The answer is “yes” but it’s probably not for everyone.
It’s a sort of annuity that you buy, usually for a lump sum, during your earlier years and it typically kicks in around age 85. If you don’t make that age, there’s usually no payout to your heirs.
An article, 6 Reasons to Consider Buying Longevity Insurance, published last year in Forbes magazine provides a good insight and may answer some of your questions.
If you belong to an employee benefits program, it’s also possible that may provide some type of coverage.
But if you have questions or would like to know more about longevity insurance, please do get in touch for a chat.

November 2nd, 2015 by Goodwill Financial