Anil Vazirani Explains How Annuities Help with Social Security Planning
Today it seems as though the Fountain of Youth has been found!
The proof is in the numbers. The actuarial community publishes tables to predict how many people of a given age will die in a given year. These tables are known as Commissioners Standard Ordinary (CSO) tables, and they have been extending over the past 70 years, and they experienced another jump this year. *
- People are on average living 30 percent longer than they did at the start of World War II.
- Men are closing the gap. Over the past 20 years, men have extended their longevity by 12.5 percent whereas the average woman’s lifespan is only 9 percent longer.
- A “normal retirement age” of 65 (or 67 depending upon when you were born) may be unsustainable for the population at large. At age 65, a 2017 retiree will need to have three times the assets their father needed when he retired in 1980. A greatest generation dad lives on average another five years in retirement while a baby boomer son will live for an average of 15 years in retirement.
- The slope of the longevity curve is trending sharply upward.
Do you have longevity in your family?
What planning have you done to make sure your money lasts as long as you do?
For these reasons, Anil Vazirani asks: “How Will Annuities Help Americans Handle Longer Lives?
* http://insurancenewsnetmagazine.com/article/how-will-annuities-help-americans-handle-longer-lives-3261?__hstc=246863707.54c0bd366b7c1ea7ff91752ca068e87c.1483985675719.1491331031780.1491339027051.63&__hssc=246863707.3.1491339027051&__hsfp=4214120547
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