Average Life Expectancy on the Rise around the World
Average life expectancy in high income countries such as the UK, Germany, the US, Australia and Canada is set to increase by 2030 while South Koreans are likely to live the longest, according to recent research published in the British medical journal Lancet.
The study, led by scientists from Imperial College London (ICL) in collaboration with the World Health Organization, analysed long-term data on mortality and longevity trends to predict the changes likely in 35 industrialised countries, and it calculated life expectancy for those born in 2030. The scientists found all the nations reviewed can expect to see an increase in life expectancy by 2030, though the US is likely to have the lowest life expectancy among high-income countries. In Europe French women and Swiss men were predicted to have the highest life expectancies at birth in Europe by 2030, with an average life expectancy of 88.6 years for French women and nearly 84 years for Swiss men. The UK’s average life expectancy at birth for women will be 85.3 years in 2030. This places them 21st in the table of 35 countries. The average life expectancy of a UK man meanwhile will be 82.5 years in 2030. This places them at 14th in the table of 35 countries.
The team also predicted a 65-year-old UK man in 2030 could expect to live an additional 20.9 years (12th in the table of countries), while a 65-year-old woman in the UK could expect to live an additional 22.7 years, up (22nd in the table of countries). The team calculated life expectancy at birth of a baby girl born in South Korea in 2030 will expect to live 90.8 years. Life expectancy at birth for South Korean men will be 84.1 years. Scientists once thought an average life expectancy of over 90 was impossible, according to Professor Majid Ezzati, lead researcher from the School of Public Health at ICL. “We repeatedly hear that improvements in human longevity are about to come to an end. Many people used to believe that 90 years is the upper limit for life expectancy, but this research suggests we will break the 90-year-barrier. I don’t believe we’re anywhere near the upper limit of life expectancy –if there even is one,” he said.
Greg Pogonowski, an expert with over 30 years in the finance sector, has identified the longevity revolution as one of the most disruptive trends in wealth management industry over the coming years
He argues that much of Europe in particular is ill prepared to address the issues raised by ageing populations, and this presents significant challenges and opportunities for Financial Advisers whose Clients have reached, or are approaching, retirement age. The rise in life expectancy brings into sharp focus the issue of financing these lengthening retirement years. There is no crystal ball to tell us individually how long we’re going to live, making planning a sustainable retirement income uniquely difficult, but what we do know is that increasingly, retirees are going to need to make their Pension pots last 30, and in some cases 40 years.
If you want to retire on a modest $1,000 per week, forgetting inflation, is YOUR Pension planning going to be worth over $1 million when YOU retire?
If not, or you need to review, contact me now.