Longevity favours the rich, but poor also benefit in new generation life annuities
Those from poorer backgrounds tend to have a shorter lifespan than those who are wealthier. People have a right to purchase a life annuity at a price that fairly reflects their individual risk.
While life insurance policies use medical underwriting to charge those who are ill a higher premium, life annuities use underwriting as a fair way of ensuring you get the right income, for life.
A woman’s perspective on longevity
Product Actuary Twané Wessels says that women underestimate their longevity, with research highlighting a disparity of 5-7 years between actual versus expected life expectancy. What’s more, despite the probability of living longer and outliving their male counterparts, fewer females tend to do adequate financial planning to ensure a comfortable and sustainable retirement.
The long and short of longevity: a woman’s perspective
Just's Twane Wessels and retirement specialists Lynda Smith (50 Plus Skills) and Jennifer Nedzamba CFP® (Netto Invest) agree that many women have not yet grasped the concept of longevity fully, and as a result have not planned adequately for retirement. In light of their shared experiences and expertise, and to help create awareness, they offer their top considerations for women approaching retirement.
Should you expect to live to 100 and will your pension last that long?
Two critical retirement planning questions you need to make assumptions about are - how long will I live and how well will I live? We don't have the answers, but there is now more information on the possibilities and probabilities. We need to plan and save for how much income we will need in our later years when we stop working, but we don't know, with certainty, when we will die. So this critical financial planning still involves quite a bit of guesswork, but expert insights can help you avoid costly mistakes.
Humans have longer life expectancy - but their money might not
Fin24 covers some of the findings from the 2019 "Just Retirement Insights" study. CEO Deane Moore says: "Our key concern rising from this latest study is the high proportion of people approaching retirement who have not saved enough, yet expect an unrealistically high level of income from their existing retirement pot."