Joseph Lu, Legal & General's longevity expert commenting on the Swiss Re Report.
07 September 2011
"Public data is so crucial in helping to understand the long term implications on the population's future life expectancy. Acess to this data would mean that we would then be able to conduct more accurate analysis on longevity risk which would help enable more people to plan and ensure they do have sufficient savings in retirement.
It is great that overall people are living longer, but it is life expectancy at older ages where there has been the most dramatic rise. Over the last ten years, life expectancy at age 65 has risen by about 95 days per year for men and by 75 days per year for women.
This improvement in life expectancy makes it extremely difficult to estimate how long we can expect to live and why so many of us still greatly underestimate how long that will be. Research has shown that men between the ages of 60 and 69 tend to underestimate how long they will live by nearly 3 years and women by nearly 5 years. If they were to plan their retirement on this basis then many run a high risk of outliving their savings."
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