The Society of Actuaries (SOA) Research Institute announced the International Longevity Illustrator, a free tool to help individuals and couples in Singapore, Hong Kong and Canada estimate how long they may live so they can plan a more secure retirement.
To use the International Longevity Illustrator, an individual or a couple enters basic information about themselves, such as their age, sex and general health status, and the tool generates easy-to-read charts showing the likelihood of living to certain ages. For example, a couple can determine the chance of living a given number of years together as well as the likelihood that one or the other will survive additional years.
"A variety of possibilities should be considered when preparing for retirement, including longevity," said Ms Lisa Schilling, FSA, EA, FCA, MAAA, senior retirement research actuary, SOA Research Institute.
"Singaporeans have one of the highest life expectancies in the world, and as they live longer, it is more important than ever that they are sufficiently protected against health risks associated with ageing, and the overall rising costs of living. SOA's Longevity Illustrator, a web-based tool, is designed to provide information to help individuals and couples plan a secure retirement more effectively with just a few simple steps."
Since longevity varies across countries, projections are based on mortality and longevity data that is specific to the country where the individual user lives. The International Longevity Illustrator does not provide financial advice; however, the results can be useful for individuals or couples to understand their financial needs in retirement.