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{"id":1241,"date":"2022-06-29T07:33:08","date_gmt":"2022-06-29T07:33:08","guid":{"rendered":"https:\/\/horvats.com.au\/backoffice\/?p=1241"},"modified":"2022-06-29T07:34:59","modified_gmt":"2022-06-29T07:34:59","slug":"longevity","status":"publish","type":"post","link":"https:\/\/pma-prod.horvats.com.au\/longevity\/","title":{"rendered":"Longevity"},"content":{"rendered":"\n
Hopefully you have had an enjoyable summer break and taken some time to reflect on the good things in life.
Given the hectic pace of the ever changing local and global events, it\u2019s quite easy to lose sight of the big picture. As one approaches or enters retirement, the biggest question of them all must be \u201cHow long have I got?\u201d<\/p>\n\n\n\n
The traditional method of projecting life expectancy has been designed by life companies and actuaries in order to determine the likely life insurance contracts, and life pensions and annuities. \u00a0All of us involved in financial planning have been familiar with life expectancy tables and have largely taken their calculations for granted. \u00a0The most recent figures\u00a0released\u00a0by the Australian Government Actuary (27.11.2009), forecast female life expectancy to be 84 and male 79 years of age from date of birth. \u00a0The longer a person lives, the longer they are expected to live. \u00a0So at age 60 a female is expected to live to age 86 and a male to age 83.<\/p>\n\n\n\n
Interestingly, a female life expectancy in 1880 was 50 years of age. \u00a0Most of the increase has occurred over the past 50 years for obvious reasons of better health, diet and lifestyle.
The significance of \u2018Longevity\u2019 has played a major role in Government future planning for incomes in retirement. Provision of income support, accommodation, health and social services for the aging population, is now arguably the most significant task facing our future legislators.<\/p>\n\n\n\n
It is also the most important aspect of our work in Retirement Planning. \u00a0As the worlds governments grapple with diminishing resources and increasing demands, nowhere is the widening gap more concerning than in the area of social responsibilities towards the aging. \u00a0An increasing emphasis on providing for one owns retirement and protecting private wealth for much longer in order to maintain quality of life, is the greatest challenge faced by our clients and therefore us, as your advisers.
This is where the story becomes even more interesting. \u00a0The old \u2018good-news, bad-news\u2019 adage goes like this.<\/p>\n\n\n\n
The good news is that that in many cases, \u00a0for residents of Australia, their life expectancy may in fact be significantly longer than what the Government actuary has predicted. \u00a0Let\u2019s face it; the average measure of anything is never a good basis for predicting outcomes. \u00a0This is particularly the case when forecasting ones own life expectancy. \u00a0There are a significant number of variables in each one of our lives, including family history, current health, attitude, lifestyle, wealth, access to resources etc. etc. which go towards determining our longevity (life expectancy). \u00a0It is totally acceptable that the Government and life offices need to formulate a population average in order to construct policies and costs, however, the option of using these tables for individual clients in formulating their retirement plans was never a good solution, and could very easily lead to the \u2018bad-news\u2019 part of the adage.<\/p>\n\n\n\n
Retirees could easily outlive their retirement savings.
Over a past number of years a group of academics has focused on this issue. \u00a0They have constructed and tested a model of measuring individual longevity based on personal data rather than group averages.<\/p>\n\n\n\n
I would like to refer you to the following site\u00a0www.mylongevity.com.au\u00a0and encourage you to access \u2018Shape Analyser\u2019 in order to determine your own longevity. \u00a0You will find the site interesting and easy to navigate through. \u00a0There are no catches and you will not be bombarded with marketing. \u00a0I found the content of this survey, and the result most interesting in my own case. \u00a0The report also provides you with areas of your own assessment that you may attend to if you wish to improve your chances of living longer and better. \u00a0I\u2019m currently negotiating with my self on a number of trade\u00a0off\u2019s\u00a0that I may have to attend to.<\/p>\n\n\n\n
Please have a go at this analysis and please share with us your results at our next interview.
Good luck,<\/p>\n","protected":false},"excerpt":{"rendered":"
Hopefully you have had an enjoyable summer break and taken some time to reflect on the good things in life.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1241","post","type-post","status-publish","format-standard","hentry","category-uncategorised"],"acf":{"sectionOneData":{"fontSizeTitle":80,"lineHeightTitle":93,"headerClass":"light","background":"","backgroundMobile":""},"sectionTwoData":{"headerClass":"dark","footer":{"title":"","color":"#5F1437","bgColor":"#5F1437","class":"show"}},"sectionThreeData":{"title":"Related Insights","blogs":[1216,1230,1238],"headeClass":"light","footer":{"class":"hide","title":"Insight"}},"sectionEndData":{"text":"The first step to financial independence begins with a talk.","description":"","link":{"title":"Get in touch","url":"https:\/\/horvats.com.au\/backoffice\/contact\/","target":""},"background":390,"backgroundMobile":"","video_url":"","footer":{"class":"hide"},"headerClass":"hide"}},"yoast_head":"\n