Tag: expectancy

14 Sep

Retirement: Good News and Bad News

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A recent article by Ted Rechtshafen in the Globe online edition encourages us to think about our retirement prospects, and plan for them.

The author notes that in 1921, the average life expectancy for a Canadian male was 58.8 years, while the mandatory retirement age was usually 65. At that time, financial planning for retirement was not an issue for most.

Good news: life expectancies have gone way up. Bad news: we now need to plan for a (hopefully) much longer retirement. Most Canadians should plan for, conservatively, a 30-year retirement!

Planning for retirement means considering the following basic questions:

-Do I need to think about ways to work beyond age 60-65?

-Am I saving enough for retirement?

-What is my world going to look like in 25 years?

The article contains links to tools such as a detailed “How long will I live” calculator. The calculator is eye-opening and instructive, and worth a visit. Other links include a “How much money will I have at the end” calculator, which estimates the value of your estate, assuming you live to a full life expectancy. Again, eye-opening.

Thanks for reading.

Paul E. Trudelle – Click here for more information on Paul Trudelle

06 Oct

Life Expectancy Trends Means More Centenarians

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BBC News recently commented on a study published in the Lancet journal that shows more than half the babies now born in the UK and other wealthy nations will live to be 100 years old.  The data from the study indicates that these extra years would be spent with less serious disabilities for the elderly.

The researchers, from the Danish Aging Research Center, refer to “four ages of man”-child, adult, young old age and old old age. Surprisingly, there was little evidence that those who belonged in the old old age group were unhealthier that those in the young old age group likely because the frailest elderly died first leaving the more robust to survive past the age of 85. Danish and American studies show that about 30%-40% of those falling into the old old group live independently.

Of course, such a development requires countries to reform their health-care services, employment practices, and care services. In the U.K., with an election looming, the Tory party has promised a Home Protection Plan that would allow people at the age of 65 to make a one time payment plan of £8,000 pounds in exchange for free full-time residential care in later life. This proposed policy addresses the issue of the elderly having to sell their houses in exchange for funding care giving services.

A significant longer life expectancy requires careful retirement and estate planning. If this trend towards increased life expectancy continues, long standing assumptions will have to be altered.

Thanks for reading,

Diane Vieira

Diane Vieira – Click here for more inforamtion on Diane Vieira.

 

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