Have you ever wondered how long you might live? Longevity is a retirement planning factor often overlooked, presumably because it isn’t a topic many people enjoy thinking about, but a critical one in assuring you plan properly for your (and your spouse’s) life after work.
The average American female is now expected to live, on average, to age 81. American males are expected to reach 76. These averages are roughly 3-8 years longer than they were in 1980. Properly estimating where you match up against these benchmarks is a tough task, but thankfully, the Society of Actuaries has come up with a new resource that should help.
The new Actuaries Longevity Illustrator tool, recently launched by the Society of Actuaries, uses your health and demographic characteristics to determine the probabilities for how long you may live and the likelihood of you outliving your life expectancy.
A male currently age 65 has a 54% chance of surviving to age 85, and a female currently age 65 has a 65% chance of surviving to age 85. Contact us to speak to our consultants and actuaries and receive more information on how to help your employees manage this longevity risk.