SlideShare a Scribd company logo
1 of 20
Download to read offline
Making your money last in retirement
Aviva’s longevity report
January 2015
Making your money last in Retirement 2
Foreword 3
What do people think about how long they will live 4
Perceptions versus reality 5
The age at which you are most likely to die and 7
why it is important
Managing money as the years roll by 9
Where we live signposts how long we will live 10
Lifestyle and how people choose to live their lives 14
Conclusion 18
Contents
Making your money last in Retirement 3
Source:
1
Office for National Statistics – 11 December 2013
Foreword
When we think about the type of retirement we would like, it is natural to think
about our parents and expect the same standard of living.
The problem with this view is that many people approaching retirement in the
next few decades are unlikely to enjoy quite the same level of comfort as that of
their parents. The end of generous defined benefit schemes, together with more
turbulent working and economic conditions, will mean that the type of retirement
people enjoy will depend on their personal preparation. Retirement won’t just
happen, it will have to be carefully planned.
With new freedoms being introduced from April 2015, those aged over 55 years
will have even more choice in how they use their retirement savings. If they
choose, they can take all of their savings in one cash lump sum under the rules
outlined as part of the government’s freedom and choice changes. Offering far
more choice in how people use their savings when they come to retire will
hopefully encourage them to save into a pension in the first place.
What retirees do with their savings becomes the critical question. Whether they take their savings as a lump sum,
look to a guaranteed income, choose the flexibility of drawdown, or select a mix of solutions, depends largely on their
personal circumstances. And one key factor is how long they are likely to live.
All the evidence points to the fact that people routinely underestimate their life expectancy, which means that they
potentially fall at the first hurdle when it comes to retirement planning. A person budgeting for a retirement of 20 years,
when in fact they will live 25 years, will face uncertain final years. Even underestimating life expectancy by a couple
of years could have serious consequences for someone in their later years who has outlived their savings, has care needs
and has nothing to fall back on.
In our Making your money last in retirement special report we compare and consider consumer attitudes to the facts
about longevity, and make some clear recommendations about how the government and the industry must respond.
The retirement planning help available to consumers from April, from the government, providers and through the
guidance guarantee, must include assistance in understanding the importance of, and estimating, life expectancy.
Although no one can absolutely pin down their own life expectancy, it is possible to look at the available information
and make sensible estimations that will have a positive impact on their financial plans.
One third of babies born today are expected to live to 100 years old1
, and the number of centenarians is expected
to increase from 14,000 in 2013 to 111,000 in 2037. It is therefore absolutely clear that what we put in place today
to help retirees make the most of their savings and their retirement is undoubtedly going to help our children and
grandchildren in future years.
Clive Bolton
A serious health condition/illness
They are a smoker
Does not have the money to support
themselves should they fall ill
The risk of running out of money is likely to remain a constant threat for many people throughout their retirement, and thorough
planning will become increasingly important as people take on more personal responsibility.
People choosing to take some or all of their pension savings as cash, once the government’s freedom and choice changes are
introduced, can only assess whether this is a wise decision if they have an accurate understanding of their life expectancy.
To fail to consider how much money they will need for their retirement years means they may risk a life of poverty if they outlive
their savings.
The evidence that people underestimate their life expectancy can be seen in consumer research conducted by Aviva2
, which asked
50-65 year olds what they thought the average life expectancy was for someone of their age and gender. This was then compared
to the age they individually thought they would reach.
In Aviva’s research, consumers felt the average life expectancy for someone of their age and gender was 80 years for men
and 84 years for women, three years below the national life expectancy at age 65 for men and two years below for women.
While a few years does not seem a lot, it could still make a huge difference to how well people live in their final years.
Why people think they will live a shorter life than average – Aviva’s consumer research
50-65 year olds who feel they will live a shorter life than average
What do people think about how long
they will live
Making your money last in Retirement 4
2
Aviva consumer research conducted summer 2014 in collaboration with ICM Unlimited research
11%28%
63%
22%
10%27%
8%27%
64%
18%
14%28%
There is a serious health condition /
illness running in their family (which
they do not currently have)Lifestyle – drinking and lack of exercise
Family does not live long
10%28%
63%
20%
12%28%
Reasons
people say
they will live
a shorter life
than average
Men
All
Women
The significance in the gap between perception and reality can be seen when Aviva’s consumer research is compared with national
statistics. The following chart3
compares the consumer research with the average life expectancy at age 65 according to Office
for National Statistics (ONS) data, insured lives (people who are savers), and also insured people in good health at age 65. Aviva’s
analysis indicates that about 30% of the annuitising population are expected to fit into this ‘healthier’ category.
Male savers live on average three years longer than the average member of the UK population, while women savers live over two
years longer than the average member of the UK population. And against both measures 50-65 year olds, when asked for their
personal opinions, routinely fall short of the average life expectancy. Understanding these nuances in life expectancy data
is clearly an important factor for retirees to consider.
Looking solely at national (ONS) life expectancy data, it could be easily assumed that people are underestimating their longevity by
a few years. While this may be true for some, healthy insured savers may live as much as eight years longer than they think they will.
The difference between perceived and actual life expectancy at age 65 measured
in different ways
Perceptions versus reality
Making your money last in Retirement 5
Aviva
longevity
consumer
research
with 50-65
year olds
WomenMen
Aviva
longevity
consumer
research
with 50-65
year olds
UK
average
(ONS)
UK
average
(ONS)
Insured
lives
(savers)
Insured
lives
(savers)
Healthy
insured
lives
(savers)
Healthy
insured
lives
(savers)
Life
expectancy
in years at
age 65
12
14
16
18
20
22
8 years
4.7 years
24
26
28
15
23.7
18.3
23.1
21.3
20.8
23
19
Making your money last in Retirement 6
The financial implications for people underestimating their life expectancy are significant. Those people estimating they need
£100,000 of private pension savings to top up their other income, such as state pension, could actually need about £150,000,
if they had accurately predicted their life expectancy.
The situation is potentially worse for those 50-65 years olds who, in Aviva’s research, predicted a much shorter life expectancy.
More than a quarter (29%) of men and 23% of women said they did not think they would reach their average life expectancy. Of
those predicting a shorter life expectancy, men said they would die on average 13 years earlier, at just 67 years old, and women said
they would die on average 12 years earlier, or at age 72. Whether these views are realistic is difficult to tell, but many do say that
they base them on a known health condition or family history.
We also know from the Aviva Real Retirement4
research that many people are not overly concerned by the prospect of outliving
their savings compared to the more fundamental concerns of getting older. Only 5% say a key worry is living longer than they
expect and not having the money to fund their retirement. This relatively low level of concern sits in stark contrast to ageing
concerns such as ill health (56%), conditions such as dementia (50%), being dependent on other people (36%), going into a care
home (30%) and dying or people close to them passing away (25%).
Without a focused effort by the government and the wider industry it may therefore be difficult to get people to really understand
the importance of longevity in their retirement planning.
3
Source data:
Aviva consumer research conducted summer 2014 in collaboration with ICM Unlimited research
Office for National Statistics, National Life Tables, UK, 2011-2013
CMI (Continuous Mortality Investigation, Institute and Faculty of Actuaries)
4
Aviva Real Retirement Report – Autumn 2014 - consumer research into the over-55s
Making your money last in Retirement 7
When we compare consumers’ views on how long they expect to live with the facts about longevity it is not difficult to conclude
that people will need help and guidance in accurately factoring in life expectancy to their planning, and understanding its relevance.
There is no way to predict with complete certainty the life expectancy of any one individual, as the chart below on male savers shows.
Age at which people are most likely to die if they are aged 65
(Projected modal age of death of insured 65 year old man)
The most likely age of death for men is 89 years. However, over 31 (31.7) out of every 100 men who reach age 89 years will live to
age 90 years or longer, and nearly three (2.8) out of every 100 men will live to 100 years or more. Although the chance of living to
more than 100 years is quite low, the chance of living to age 90 or more, at almost one in three, cannot be ignored when planning
retirement finances.
Source data: CMI (Continuous Mortality Investigation, Institute and Faculty of Actuaries)
The age at which you are most likely to die and
why it is important
65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 101 103 105 107 109 111 113 115 117 119
Number of deaths in each year
31.7%
of65-yearold
menwilllivelonger
thanmodalage
of89
Making your money last in Retirement 8
The story for women savers is similar with the most likely life expectancy being age 90, 36.9% of women out of 100 living
to 91 or older, and nearly five out of 100 women living beyond a century.
Age at which people are most likely to die if they are age 65
(Projected modal age of death of insured 65 year old woman)
The choice people make with their retirement savings is therefore crucial when it comes to the likelihood of running out of money.
Annuities can provide certainty that the chosen level of income will be payable no matter how long they live. This may come at the
price of a lower initial income compared to a drawdown arrangement.
Drawdown on the other hand can be managed to last for either the average life expectancy of savers or a longer or shorter duration
depending upon known factors that might shorten or lengthen their specific life expectancy.
Taking a conservative strategy with drawdown, for example, by planning for money to last to 95 years or more, will:
• Provide greater certainty (but not complete certainty) that they will not run out of money before death.
• Result in a lower income stream than if planning to the average age of death.
• Create the possibility that they will die with surplus (unused) funds, which may form part of their inheritance.
And the opposite is true if they manage their money to last for less than the average life expectancy.
Knowing how long people want their money to last is therefore an essential pre-requisite of using income drawdown.
Source data: CMI (Continuous Mortality Investigation, Institute and Faculty of Actuaries)
65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 101 103 105 107 109 111 113 115 117 119
Number of deaths in each year
36.9%
of65-yearold
womenwilllive
longerthanmodal
ageof90
Making your money last in Retirement 9
Another interesting aspect of longevity is how an individual’s life expectancy changes as they age. This can be summed up as,
“the longer you live, the longer you will live” and is illustrated in the following chart.
The longer you live, the longer you will live!
The reason that life expectancy lengthens the longer someone lives is that those that die before the average age no longer form
part of the statistics used to calculate the average for older age groups.
But this information is more than just a statistical phenomenon. It means that people continually need to adjust their plans as they
get older. For example, a woman saver retiring at age 65 is expected to live to age 88 on average, but by the time she reaches age
75, that has increased to almost 90. That means that her money now needs to last two years longer.
It has also long been established that women outlive men. However, the longevity gap between women and men is not static.
Improvements in men’s health, together with more women entering the workforce, experiencing stress, and increased smoking and
drinking, has led to the gap between the sexes narrowing. ONS5
data shows that in 1963, between the ages of 55-69 years, male
mortality rates were double those for females. By 2013 the absolute difference in mortality at these ages reduced by more than a
half6
.
Managing money as the years roll by
5
ONS 13 October 2014
http://www.ons.gov.uk/ons/rel/vsob1/death-reg-sum-tables/2013/sty-mortality-rates-by-age.html
6
ONS: The absolute difference being calculated by subtracting the female from the male mortality rates.
Expectedaveragelifeexpectancyforinsuredlives(savers)
Life expectancy of age group
Men
85-8980-8475-7970-7465-6960-6455-59
84
94
93
92
91
90
89
88
87
86
85
86
88 88 88
89
90
91
93
86 86
87
88
90
92
Women
Making your money last in Retirement 10
So far, this report has looked at people’s perceptions of their life expectancy and the different ways that longevity data can be
interpreted. The following sections look at the differences in life expectancy at a local and unitary authority level and the link to
lifestyle factors.
As well as the genes people are born with and random chance, how people choose to live also plays a key role in how long their
life will be. Regional life expectancy statistics do not show the true longevity variance in the towns and cities contained within those
locations. Moving home will not suddenly increase an individual’s life expectancy and it is possible to observe the best and worst life
expectancy within any area of the UK. The purpose of this analysis is to determine if data on lifestyle factors, such as smoking and
obesity, can be linked to life expectancy in the same areas. Lifestyle is only one factor affecting life expectancy and it is possible to
identify whole local areas that exhibit poor lifestyle factors, but have better than average life expectancy. This is an area that requires
continuing analysis to understand the complex interplay of those factors affecting life expectancy.
Male Life expectancy at age 65 by Local Authority (England and Wales) and Council
Area (Scotland)
Where we live signposts how long
we will live
Top 10
20.9Years to liveHarrow1
20.8Years to live
Kensington
and Chelsea
2
20.7Years to liveChiltern4
20.6Years to liveWestminster5
20.6 Years to live Hart 6
20.6 Years to live Christchurch 7
20.5 Years to live
South
Cambridgeshire
8
20.3 Years to live New Forest 10
20.8
East
Dorset
3 Years to live
20.4
Epsom
and Ewell
9Years to live
Making your money last in Retirement 11
Bottom 10
16.5Years to live
Blackpool
unitary authority
1
16.5Years to live
Blaenau
Gwent
2
16.5Years to liveRenfrewshire3
16.3Years to live
Eilean
Siar
4
16.2Years to live
Dundee
City
5
16.0 Years to live
North
Lanarkshire
6
15.9 Years to live
West
Dunbartonshire
7
15.8 Years to live Manchester 8
15.8 Years to live Inverclyde 9
14.9 Years to live
Glasgow
City
10
Making your money last in Retirement 12
Female Life expectancy at age 65 by Local Authority (England and Wales) and Council
Area (Scotland)
Regional differences in women’s life expectancy are almost as marked as the differences seen in men.
Top 10
23.8Years to liveCamden1
23.6Years to live
East
Dorset
2
23.6Years to livePurbeck3
23.4Years to liveHarrow4
23.4Years to live
Richmond
upon Thames
5
23.4 Years to live Chiltern 6
23.3 Years to live
South
Cambridgeshire
7
23.2 Years to live
Kensington
and Chelsea
8
23.2 Years to live Winchester 9
23.2 Years to live Christchurch 10
Making your money last in Retirement 13
Another interesting aspect of these statistics is the difference between male and female life expectancy within the same local
authority.
The local authorities with the highest difference between male and female life expectancy are:
And those with smallest differences between male and female life expectancy are:
Bottom 10
19.0Years to liveInverclyde1
18.9Years to live
Middlesbrough
unitary authority
2
18.9Years to liveRenfrewshire3
18.8Years to liveManchester4
18.7Years to liveCorby5
18.7 Years to live
Blaenau
Gwent
6
18.7 Years to live
West
Lothian
7
18.3 Years to live
Glasgow
City
8
18.3 Years to live
North
Lanarkshire
9
18.3 Years to live
West
Dunbartonshire
10
19.7
23.4
3.7
Female life expectancy
Difference
Male life expectancy
Richmond upon Thames
19.4
21.1
1.7
Female life expectancy
Difference
Male life expectancy
Surrey Heath
16.8
20.5
3.7
Female life expectancy
Difference
Male life expectancy
Nottingham UA
19.4
21.0
1.6
Female life expectancy
Difference
Male life expectancy
Adur
20.2
23.8
3.6
Female life expectancy
Difference
Male life expectancy
Camden
17.2
18.7
1.5
Female life expectancy
Difference
Male life expectancy
Corby
18.0
21.5
3.5
Female life expectancy
Difference
Male life expectancy
Gloucester
19.6
20.6
1.0
Female life expectancy
Difference
Male life expectancy
Basingstoke and Deane
Making your money last in Retirement 14
Although genetics play a key role in people’s life expectancy, lifestyle choices are also a major influence. Smoking, alcohol consumption,
obesity, diet and exercise can all have a major impact not only on how long people live, but the quality of those extra years.
Smoking
The impact of lifestyle choices can be seen by analysing ONS data for local and unitary authorities in England and Wales with the highest
rates of current smokers and mapping this against averaged data on male and female life expectancy at age 65 from the same areas.
Smoking and life expectancy – the top 40 local and unitary authorities with the highest
rates of adult smokers and life expectancy ranking
Lifestyle and how people choose
to live their lives
Percentage of
adults who are
current smokers
Adult at age 65
longevity ranking out
of 346 Local or Unitary
Authorities in E&W
Longevity
Quartile
Ranking
1 Ashfield 29.4% 322 4
2 Kingston upon Hull, City of 29.3% 337 4
3 Mansfield 29.3% 293 4
4 Copeland 28.4% 301 4
5 Lincoln 28.3% 290 4
6 West Lancashire 28.2% 272 4
7 Stevenage 27.6% 236 3
8 Knowsley 27.6% 334 4
9 Dover 27.4% 210 3
10 North East Lincolnshire 27.3% 287 4
11 Manchester 27.2% 346 4
12 Blackburn with Darwen 27.2% 327 4
13 Hastings 27.0% 282 4
14 Doncaster 27.0% 297 4
15 Norwich 26.3% 63 1
16 Boston 26.1% 201 3
17 Blackpool 25.9% 342 4
18 Barnsley 25.6% 311 4
19 Fenland 25.5% 186 3
20 Corby 25.5% 341 4
21 Salford 25.4% 340 4
22 Stoke-on-Trent 25.3% 323 4
23 Wellingborough 25.3% 86 1
24 Hackney 25.2% 227 3
25 Redditch 25.2% 238 3
26 Bolsover 25.2% 330 4
27 Gloucester 25.1% 206 3
28 Oldham 24.9% 325 4
29 Great Yarmouth 24.9% 249 3
30 Preston 24.8% 304 4
Making your money last in Retirement 15
With only a handful of exceptions, the local and unitary authorities with the highest percentages of adults who are current smokers
are also the areas with amongst the worst life expectancies.
Smoking is the single most important lifestyle factor that impacts life expectancy, which this analysis demonstrates clearly.
31 Middlesbrough 24.7% 344 4
32 Barrow-in-Furness 24.4% 283 4
33 Rushmoor 24.3% 218 3
34 Mid Sussex 24.2% 74 1
35 Carlisle 24.2% 254 3
36 Liverpool 24.2% 343 4
37 Forest Heath 24.1% 64 1
38 St Edmundsbury 24.1% 55 1
39 Tameside 24.1% 339 4
40 Weymouth and Portland 23.9% 151 2
AVERAGE 26.0% 258.3 3.3
Top 10
Ashfield
Copeland
Mansfield
West Lancashire
Kingston upon Hull, City of
North East Lincolnshire
Dover
Stevenage
Lincoln
Knowsley
Making your money last in Retirement 16
Obesity
Following a similar process to our analysis on smoking, we have identified the 40 local and unitary authorities with the highest level
of adult obesity and mapped this against averaged male and female life expectancy at age 65 data from the same areas.
Obesity and life expectancy - the top 40 local and unitary authorities with the highest rates
of obese adults and life expectancy ranking
Local or unitary authority
Percentage of adults
classed as obese
Adult age 65 longevity
ranking out of 346
Local or Unitary
Authorities in E&W
Longevity
Quartile
Ranking
1 Halton 35.2% 336 4
2 Barnsley 34.4% 311 4
3 South Holland 32.5% 128 2
4 Mansfield 32.4% 293 4
5 Telford and Wrekin 32.3% 298 4
6 North Lincolnshire 32.0% 234 3
7 Barking and Dagenham 31.6% 299 4
8 East Lindsey 31.6% 256 3
9 Thurrock 31.4% 273 4
10 City of London 31.4% 0 Insufficient
longevity data
11 East Staffordshire 31.0% 220 3
12 Bolsover 31.0% 330 4
13 Hartlepool 30.6% 315 4
14 Walsall 30.4% 237 3
15 Doncaster 30.4% 297 4
16 Cannock Chase 30.3% 233 3
17 Gloucester 30.3% 206 3
18 Basildon 30.2% 143 2
19 Rochdale 29.9% 318 4
20 Sedgemoor 29.9% 115 2
21 Great Yarmouth 29.7% 249 3
22 Blackpool 29.5% 342 4
23 St. Helens 29.3% 302 4
24 Darlington 29.3% 253 3
25 Gosport 29.1% 260 4
26 Hinckley and Bosworth 28.9% 126 2
27 Wolverhampton 28.5% 292 4
28 Rotherham 28.5% 303 4
29 Kingston upon Hull, City of 28.4% 337 4
30 Copeland 28.3% 301 4
Making your money last in Retirement 17
31 Broxbourne 28.3% 65 1
32 North Norfolk 28.2% 33 1
33 Ashfield 28.2% 322 4
34 Rochford 28.1% 58 1
35 Swale 28.0% 223 3
36 Amber Valley 28.0% 221 3
37 Dudley 27.8% 204 3
38 Hyndburn 27.7% 331 4
39 Wychavon 27.6% 28 1
40 North Warwickshire 27.5% 280 4
AVERAGE 29.9% 240.3 3.2
Top 10
Halton
Telford and Wrekin
City of London Thurrock
South Holland
Barnsley
East Lindsey
North Lincolnshire
Barking & Dagenham
Mansfield
Making your money last in Retirement 18
Understanding the issues affecting an individual’s life expectancy are complex and deeply personal, which makes it a subject that
can be considered off limits. Retirees considering their personal life expectancy may actually be facing their own mortality for the
first time, and this could be challenging. And yet life expectancy is a subject that is fundamental to the whole process of retirement
planning, and one that is of increasing importance as retirees are offered new pension freedoms. Helping retirees factor in longevity
should be a priority for government and our industry. Aviva recommends:
For government and industry:
• Healthy lifestyle campaigns are important with a focus on specific locations where there is known to be a high incidence of, for
instance, smoking or obesity.
• It should be mandatory that nationally-agreed life expectancy figures are included in the government’s guidance guarantee
to encourage fully informed conversations. Nuances such as the difference between savers and non-savers should also be taken
into account.
• Providers and guidance guarantee providers should point customers to the agreed life expectancy figures for the purposes
of retirement planning.
• Online tools and information should be made available to help consumers to estimate their own longevity to allow them to make
more realistic plans, accepting that it is impossible to predict the life expectancy of any one individual.
• This information is particularly relevant to those drawing down from pension funds or other investments rather than buying
an annuity because knowing how long their money needs to last is critical.
For consumers:
• Consumers should accurately assess their life expectancy as part of their retirement planning and understand the factors that
affect it, such as existing conditions and lifestyle choices. This should give them realistic expectations and a rough idea whether they
will live longer than average or shorter than average.
• When thinking about how much money they will need in retirement, consumers should consider the total savings they have,
including all of their assets (such as their property), and measure this against their expenditure, and the years they expect to live
in retirement.
• People’s life expectancy changes as they get older, so retirees should review their finances during the course of their retirement
to ensure they have budgeted appropriately for the years they are likely to live.
• Accessing online tools will help people to accurately assess their life expectancy.
Aviva’s Making your money last in retirement report was produced by Aviva in January 2015.
For further information contact:
John Lawson
Head of Policy
Aviva
john.lawson@aviva.co.uk
Diane Mangan
Senior Media Relations Manager
Aviva
diane.mangan@aviva.co.uk
Conclusion
Making your money last in Retirement 19
106027733 01/2015 © Aviva plc

More Related Content

What's hot

2013 sun life_canadian_unretirement_index_report_en[1]
2013 sun life_canadian_unretirement_index_report_en[1]2013 sun life_canadian_unretirement_index_report_en[1]
2013 sun life_canadian_unretirement_index_report_en[1]gmeston
 
Kfs retirement planning review
Kfs retirement planning reviewKfs retirement planning review
Kfs retirement planning reviewroowah1
 
Retirement
RetirementRetirement
RetirementTodd Sun
 
Lifestyle Planning | Jester Financial
Lifestyle Planning | Jester FinancialLifestyle Planning | Jester Financial
Lifestyle Planning | Jester Financialjesterfinancial
 
2 Biggest Retirement Misconceptions
2 Biggest Retirement Misconceptions2 Biggest Retirement Misconceptions
2 Biggest Retirement MisconceptionsDWilkins
 
Know These 10 Things About Retirement Income Planning
Know These 10 Things About Retirement Income PlanningKnow These 10 Things About Retirement Income Planning
Know These 10 Things About Retirement Income PlanningBrady Speers
 
FSC Future Leaders Award - Stephen Flegg
FSC Future Leaders Award - Stephen FleggFSC Future Leaders Award - Stephen Flegg
FSC Future Leaders Award - Stephen FleggSteve Flegg
 
Ontario Retirement Security Research
Ontario Retirement Security ResearchOntario Retirement Security Research
Ontario Retirement Security ResearchThe Gandalf Group
 
The new state pension
The new state pensionThe new state pension
The new state pensionTim Veiro
 
Describe how governments are attempting to cope with the problems of an agein...
Describe how governments are attempting to cope with the problems of an agein...Describe how governments are attempting to cope with the problems of an agein...
Describe how governments are attempting to cope with the problems of an agein...tudorgeog
 
SOCIAL SECURITY EARNING STATEMENT SAMPLE.pdf
SOCIAL SECURITY EARNING STATEMENT SAMPLE.pdfSOCIAL SECURITY EARNING STATEMENT SAMPLE.pdf
SOCIAL SECURITY EARNING STATEMENT SAMPLE.pdflearning30
 
Social security ph 5 26-15
Social security ph  5 26-15Social security ph  5 26-15
Social security ph 5 26-15geann123
 
A social security benefits
A   social security benefitsA   social security benefits
A social security benefitsgeann123
 
Tax Diversification Powerpoint
Tax Diversification PowerpointTax Diversification Powerpoint
Tax Diversification Powerpointamanohar
 
Tax Benefits of Homeownership After Tax Reform
Tax Benefits of Homeownership After Tax ReformTax Benefits of Homeownership After Tax Reform
Tax Benefits of Homeownership After Tax ReformJason Fuchs
 

What's hot (19)

2013 sun life_canadian_unretirement_index_report_en[1]
2013 sun life_canadian_unretirement_index_report_en[1]2013 sun life_canadian_unretirement_index_report_en[1]
2013 sun life_canadian_unretirement_index_report_en[1]
 
Kfs retirement planning review
Kfs retirement planning reviewKfs retirement planning review
Kfs retirement planning review
 
Retirement
RetirementRetirement
Retirement
 
Lifestyle Planning | Jester Financial
Lifestyle Planning | Jester FinancialLifestyle Planning | Jester Financial
Lifestyle Planning | Jester Financial
 
2 Biggest Retirement Misconceptions
2 Biggest Retirement Misconceptions2 Biggest Retirement Misconceptions
2 Biggest Retirement Misconceptions
 
Know These 10 Things About Retirement Income Planning
Know These 10 Things About Retirement Income PlanningKnow These 10 Things About Retirement Income Planning
Know These 10 Things About Retirement Income Planning
 
Pension Freedoms
Pension FreedomsPension Freedoms
Pension Freedoms
 
FSC Future Leaders Award - Stephen Flegg
FSC Future Leaders Award - Stephen FleggFSC Future Leaders Award - Stephen Flegg
FSC Future Leaders Award - Stephen Flegg
 
Ontario Retirement Security Research
Ontario Retirement Security ResearchOntario Retirement Security Research
Ontario Retirement Security Research
 
The new state pension
The new state pensionThe new state pension
The new state pension
 
Describe how governments are attempting to cope with the problems of an agein...
Describe how governments are attempting to cope with the problems of an agein...Describe how governments are attempting to cope with the problems of an agein...
Describe how governments are attempting to cope with the problems of an agein...
 
SOCIAL SECURITY EARNING STATEMENT SAMPLE.pdf
SOCIAL SECURITY EARNING STATEMENT SAMPLE.pdfSOCIAL SECURITY EARNING STATEMENT SAMPLE.pdf
SOCIAL SECURITY EARNING STATEMENT SAMPLE.pdf
 
Social security ph 5 26-15
Social security ph  5 26-15Social security ph  5 26-15
Social security ph 5 26-15
 
t30.05
t30.05t30.05
t30.05
 
A social security benefits
A   social security benefitsA   social security benefits
A social security benefits
 
CFP Issue 3
CFP Issue 3CFP Issue 3
CFP Issue 3
 
Fix the Debt Reality Check
Fix the Debt Reality CheckFix the Debt Reality Check
Fix the Debt Reality Check
 
Tax Diversification Powerpoint
Tax Diversification PowerpointTax Diversification Powerpoint
Tax Diversification Powerpoint
 
Tax Benefits of Homeownership After Tax Reform
Tax Benefits of Homeownership After Tax ReformTax Benefits of Homeownership After Tax Reform
Tax Benefits of Homeownership After Tax Reform
 

Similar to Making your money last in retirement - Aviva's longevity report

hsbc future of-retirement-uk-report
hsbc future of-retirement-uk-reporthsbc future of-retirement-uk-report
hsbc future of-retirement-uk-reportcoussey
 
Retirement Issues and Concerns in the 21st Century copy
Retirement Issues and Concerns in the 21st Century copyRetirement Issues and Concerns in the 21st Century copy
Retirement Issues and Concerns in the 21st Century copyBert Salazar
 
Life and Disability White Paper (1)
Life and Disability White Paper (1)Life and Disability White Paper (1)
Life and Disability White Paper (1)Ted McNeil
 
"If only I had"... LV= insights into retirement planning webinar
"If only I had"... LV= insights into retirement planning webinar"If only I had"... LV= insights into retirement planning webinar
"If only I had"... LV= insights into retirement planning webinarILC- UK
 
Happily ever after... or until we run out of money. Effects of longevity on f...
Happily ever after... or until we run out of money. Effects of longevity on f...Happily ever after... or until we run out of money. Effects of longevity on f...
Happily ever after... or until we run out of money. Effects of longevity on f...GRAPE
 
a37172 Pensions Brochure single pages LR
a37172 Pensions Brochure single pages LRa37172 Pensions Brochure single pages LR
a37172 Pensions Brochure single pages LRKatharine Photiou
 
Aegon Fact sheet flexible retirement in the United Kingdom
Aegon Fact sheet flexible retirement in the United KingdomAegon Fact sheet flexible retirement in the United Kingdom
Aegon Fact sheet flexible retirement in the United KingdomAegon
 
Whartonstudyonincomeannuities1 150606231836-lva1-app6891
Whartonstudyonincomeannuities1 150606231836-lva1-app6891Whartonstudyonincomeannuities1 150606231836-lva1-app6891
Whartonstudyonincomeannuities1 150606231836-lva1-app6891Dave Regis
 
Wharton study on_income_annuities (1)
Wharton study on_income_annuities (1)Wharton study on_income_annuities (1)
Wharton study on_income_annuities (1)Bryan Daly
 
How Medicare Is Financed By The Social Security...
How Medicare Is Financed By The Social Security...How Medicare Is Financed By The Social Security...
How Medicare Is Financed By The Social Security...Jennifer Simmons
 
Life and Disability Insurance: What 20-and-30 Somethings Think.
Life and Disability Insurance: What 20-and-30 Somethings Think.Life and Disability Insurance: What 20-and-30 Somethings Think.
Life and Disability Insurance: What 20-and-30 Somethings Think.Catherine Clark
 
Protecting Against Non Financial Retirement Risks
Protecting Against Non Financial Retirement Risks Protecting Against Non Financial Retirement Risks
Protecting Against Non Financial Retirement Risks Katherine Wichmann Zacharias
 
Kfs long term care
Kfs long term careKfs long term care
Kfs long term careroowah1
 
Employee Health & Financial Wellness approach
Employee Health & Financial Wellness approachEmployee Health & Financial Wellness approach
Employee Health & Financial Wellness approachWarren Handsor
 
The Aviva Real Retirement report - Spring 2013
The Aviva Real Retirement report - Spring 2013The Aviva Real Retirement report - Spring 2013
The Aviva Real Retirement report - Spring 2013Aviva plc
 
Living longer, living poorer
Living longer, living poorerLiving longer, living poorer
Living longer, living poorerPaul Edwards
 
6 Retirement Questions Government Employees Should Be Asking
6 Retirement Questions Government Employees Should Be Asking6 Retirement Questions Government Employees Should Be Asking
6 Retirement Questions Government Employees Should Be AskingBravias Financial
 

Similar to Making your money last in retirement - Aviva's longevity report (20)

hsbc future of-retirement-uk-report
hsbc future of-retirement-uk-reporthsbc future of-retirement-uk-report
hsbc future of-retirement-uk-report
 
Viewpoint_Issue_7
Viewpoint_Issue_7Viewpoint_Issue_7
Viewpoint_Issue_7
 
Retirement Issues and Concerns in the 21st Century copy
Retirement Issues and Concerns in the 21st Century copyRetirement Issues and Concerns in the 21st Century copy
Retirement Issues and Concerns in the 21st Century copy
 
Life and Disability White Paper (1)
Life and Disability White Paper (1)Life and Disability White Paper (1)
Life and Disability White Paper (1)
 
"If only I had"... LV= insights into retirement planning webinar
"If only I had"... LV= insights into retirement planning webinar"If only I had"... LV= insights into retirement planning webinar
"If only I had"... LV= insights into retirement planning webinar
 
Happily ever after... or until we run out of money. Effects of longevity on f...
Happily ever after... or until we run out of money. Effects of longevity on f...Happily ever after... or until we run out of money. Effects of longevity on f...
Happily ever after... or until we run out of money. Effects of longevity on f...
 
Retire SMART (3)
Retire SMART (3)Retire SMART (3)
Retire SMART (3)
 
a37172 Pensions Brochure single pages LR
a37172 Pensions Brochure single pages LRa37172 Pensions Brochure single pages LR
a37172 Pensions Brochure single pages LR
 
Aegon Fact sheet flexible retirement in the United Kingdom
Aegon Fact sheet flexible retirement in the United KingdomAegon Fact sheet flexible retirement in the United Kingdom
Aegon Fact sheet flexible retirement in the United Kingdom
 
Planning for your Retirement
Planning for your Retirement Planning for your Retirement
Planning for your Retirement
 
Whartonstudyonincomeannuities1 150606231836-lva1-app6891
Whartonstudyonincomeannuities1 150606231836-lva1-app6891Whartonstudyonincomeannuities1 150606231836-lva1-app6891
Whartonstudyonincomeannuities1 150606231836-lva1-app6891
 
Wharton study on_income_annuities (1)
Wharton study on_income_annuities (1)Wharton study on_income_annuities (1)
Wharton study on_income_annuities (1)
 
How Medicare Is Financed By The Social Security...
How Medicare Is Financed By The Social Security...How Medicare Is Financed By The Social Security...
How Medicare Is Financed By The Social Security...
 
Life and Disability Insurance: What 20-and-30 Somethings Think.
Life and Disability Insurance: What 20-and-30 Somethings Think.Life and Disability Insurance: What 20-and-30 Somethings Think.
Life and Disability Insurance: What 20-and-30 Somethings Think.
 
Protecting Against Non Financial Retirement Risks
Protecting Against Non Financial Retirement Risks Protecting Against Non Financial Retirement Risks
Protecting Against Non Financial Retirement Risks
 
Kfs long term care
Kfs long term careKfs long term care
Kfs long term care
 
Employee Health & Financial Wellness approach
Employee Health & Financial Wellness approachEmployee Health & Financial Wellness approach
Employee Health & Financial Wellness approach
 
The Aviva Real Retirement report - Spring 2013
The Aviva Real Retirement report - Spring 2013The Aviva Real Retirement report - Spring 2013
The Aviva Real Retirement report - Spring 2013
 
Living longer, living poorer
Living longer, living poorerLiving longer, living poorer
Living longer, living poorer
 
6 Retirement Questions Government Employees Should Be Asking
6 Retirement Questions Government Employees Should Be Asking6 Retirement Questions Government Employees Should Be Asking
6 Retirement Questions Government Employees Should Be Asking
 

More from Aviva plc

Aviva 2018 Interim Results Presentation
Aviva 2018 Interim Results PresentationAviva 2018 Interim Results Presentation
Aviva 2018 Interim Results PresentationAviva plc
 
Aviva 2017 Interim Results announcement
Aviva 2017 Interim Results announcementAviva 2017 Interim Results announcement
Aviva 2017 Interim Results announcementAviva plc
 
Aviva 2017 Interim Results Analyst presentation
Aviva 2017 Interim Results Analyst presentationAviva 2017 Interim Results Analyst presentation
Aviva 2017 Interim Results Analyst presentationAviva plc
 
Aviva Plc 2016 Results Infographic
Aviva Plc 2016 Results InfographicAviva Plc 2016 Results Infographic
Aviva Plc 2016 Results InfographicAviva plc
 
Aviva Plc 2016 Preliminary Results Announcement
Aviva Plc 2016 Preliminary Results AnnouncementAviva Plc 2016 Preliminary Results Announcement
Aviva Plc 2016 Preliminary Results AnnouncementAviva plc
 
Aviva Plc 2016 Results
Aviva Plc 2016 ResultsAviva Plc 2016 Results
Aviva Plc 2016 ResultsAviva plc
 
Capital Markets Day 2016 presentation slides
Capital Markets Day 2016 presentation slidesCapital Markets Day 2016 presentation slides
Capital Markets Day 2016 presentation slidesAviva plc
 
Aviva at a glance infographic
Aviva at a glance infographicAviva at a glance infographic
Aviva at a glance infographicAviva plc
 
Aviva FY15 Analyst Pack
Aviva FY15 Analyst PackAviva FY15 Analyst Pack
Aviva FY15 Analyst PackAviva plc
 
Aviva 2015 Results Infographic
Aviva 2015 Results InfographicAviva 2015 Results Infographic
Aviva 2015 Results InfographicAviva plc
 
6 things you probably don’t know about online insurance
6 things you probably don’t know about online insurance6 things you probably don’t know about online insurance
6 things you probably don’t know about online insuranceAviva plc
 
Aviva half year 2015 announcement
Aviva half year 2015 announcementAviva half year 2015 announcement
Aviva half year 2015 announcementAviva plc
 
Aviva half year results 2015 analyst presentation
Aviva half year results 2015 analyst presentationAviva half year results 2015 analyst presentation
Aviva half year results 2015 analyst presentationAviva plc
 
Investing to tackle climate risk
Investing to tackle climate riskInvesting to tackle climate risk
Investing to tackle climate riskAviva plc
 
Aviva plc First Quarter 2015 Interim Management Statement
Aviva plc First Quarter 2015 Interim Management Statement Aviva plc First Quarter 2015 Interim Management Statement
Aviva plc First Quarter 2015 Interim Management Statement Aviva plc
 
Inflation drop gives over-55s an extra £1,032 a year in disposable income as ...
Inflation drop gives over-55s an extra £1,032 a year in disposable income as ...Inflation drop gives over-55s an extra £1,032 a year in disposable income as ...
Inflation drop gives over-55s an extra £1,032 a year in disposable income as ...Aviva plc
 
Aviva 2014 Results Presentation
Aviva 2014 Results Presentation Aviva 2014 Results Presentation
Aviva 2014 Results Presentation Aviva plc
 
Road to reform: Driving out compensation culture
Road to reform: Driving out compensation cultureRoad to reform: Driving out compensation culture
Road to reform: Driving out compensation cultureAviva plc
 
Making your money last in retirement - Aviva's longevity report
Making your money last in retirement  - Aviva's longevity reportMaking your money last in retirement  - Aviva's longevity report
Making your money last in retirement - Aviva's longevity reportAviva plc
 
Aviva plc Third Quarter 2014 Interim Management Statement
Aviva plc Third Quarter 2014 Interim Management StatementAviva plc Third Quarter 2014 Interim Management Statement
Aviva plc Third Quarter 2014 Interim Management StatementAviva plc
 

More from Aviva plc (20)

Aviva 2018 Interim Results Presentation
Aviva 2018 Interim Results PresentationAviva 2018 Interim Results Presentation
Aviva 2018 Interim Results Presentation
 
Aviva 2017 Interim Results announcement
Aviva 2017 Interim Results announcementAviva 2017 Interim Results announcement
Aviva 2017 Interim Results announcement
 
Aviva 2017 Interim Results Analyst presentation
Aviva 2017 Interim Results Analyst presentationAviva 2017 Interim Results Analyst presentation
Aviva 2017 Interim Results Analyst presentation
 
Aviva Plc 2016 Results Infographic
Aviva Plc 2016 Results InfographicAviva Plc 2016 Results Infographic
Aviva Plc 2016 Results Infographic
 
Aviva Plc 2016 Preliminary Results Announcement
Aviva Plc 2016 Preliminary Results AnnouncementAviva Plc 2016 Preliminary Results Announcement
Aviva Plc 2016 Preliminary Results Announcement
 
Aviva Plc 2016 Results
Aviva Plc 2016 ResultsAviva Plc 2016 Results
Aviva Plc 2016 Results
 
Capital Markets Day 2016 presentation slides
Capital Markets Day 2016 presentation slidesCapital Markets Day 2016 presentation slides
Capital Markets Day 2016 presentation slides
 
Aviva at a glance infographic
Aviva at a glance infographicAviva at a glance infographic
Aviva at a glance infographic
 
Aviva FY15 Analyst Pack
Aviva FY15 Analyst PackAviva FY15 Analyst Pack
Aviva FY15 Analyst Pack
 
Aviva 2015 Results Infographic
Aviva 2015 Results InfographicAviva 2015 Results Infographic
Aviva 2015 Results Infographic
 
6 things you probably don’t know about online insurance
6 things you probably don’t know about online insurance6 things you probably don’t know about online insurance
6 things you probably don’t know about online insurance
 
Aviva half year 2015 announcement
Aviva half year 2015 announcementAviva half year 2015 announcement
Aviva half year 2015 announcement
 
Aviva half year results 2015 analyst presentation
Aviva half year results 2015 analyst presentationAviva half year results 2015 analyst presentation
Aviva half year results 2015 analyst presentation
 
Investing to tackle climate risk
Investing to tackle climate riskInvesting to tackle climate risk
Investing to tackle climate risk
 
Aviva plc First Quarter 2015 Interim Management Statement
Aviva plc First Quarter 2015 Interim Management Statement Aviva plc First Quarter 2015 Interim Management Statement
Aviva plc First Quarter 2015 Interim Management Statement
 
Inflation drop gives over-55s an extra £1,032 a year in disposable income as ...
Inflation drop gives over-55s an extra £1,032 a year in disposable income as ...Inflation drop gives over-55s an extra £1,032 a year in disposable income as ...
Inflation drop gives over-55s an extra £1,032 a year in disposable income as ...
 
Aviva 2014 Results Presentation
Aviva 2014 Results Presentation Aviva 2014 Results Presentation
Aviva 2014 Results Presentation
 
Road to reform: Driving out compensation culture
Road to reform: Driving out compensation cultureRoad to reform: Driving out compensation culture
Road to reform: Driving out compensation culture
 
Making your money last in retirement - Aviva's longevity report
Making your money last in retirement  - Aviva's longevity reportMaking your money last in retirement  - Aviva's longevity report
Making your money last in retirement - Aviva's longevity report
 
Aviva plc Third Quarter 2014 Interim Management Statement
Aviva plc Third Quarter 2014 Interim Management StatementAviva plc Third Quarter 2014 Interim Management Statement
Aviva plc Third Quarter 2014 Interim Management Statement
 

Recently uploaded

Stock Market Brief Deck FOR 31124 yt.pdf
Stock Market Brief Deck FOR 31124 yt.pdfStock Market Brief Deck FOR 31124 yt.pdf
Stock Market Brief Deck FOR 31124 yt.pdfMichael Silva
 
Buy-Side Leaps Into Gen AI Era by Jasper Colin
Buy-Side Leaps Into Gen AI Era by Jasper ColinBuy-Side Leaps Into Gen AI Era by Jasper Colin
Buy-Side Leaps Into Gen AI Era by Jasper ColinJasper Colin
 
Islamic banking in Afghanistan from start until now
Islamic banking in Afghanistan from start until nowIslamic banking in Afghanistan from start until now
Islamic banking in Afghanistan from start until nowhamidzafar6
 
BIHC Briefing Greece March 2024, with Crédit Agricole CIB
BIHC Briefing Greece March 2024, with Crédit Agricole CIBBIHC Briefing Greece March 2024, with Crédit Agricole CIB
BIHC Briefing Greece March 2024, with Crédit Agricole CIBNeil Day
 
2024.03 Strategic Resources_Pub (1). pdf
2024.03 Strategic Resources_Pub (1). pdf2024.03 Strategic Resources_Pub (1). pdf
2024.03 Strategic Resources_Pub (1). pdfAdnet Communications
 
AUDITING FRAUDS OF AN ENGLISH COMPANY.PPTX
AUDITING FRAUDS OF AN ENGLISH COMPANY.PPTXAUDITING FRAUDS OF AN ENGLISH COMPANY.PPTX
AUDITING FRAUDS OF AN ENGLISH COMPANY.PPTXkamikazekujoh
 
The Role of Non-Banking Financial Companies (NBFCs).pdf
The Role of Non-Banking Financial Companies (NBFCs).pdfThe Role of Non-Banking Financial Companies (NBFCs).pdf
The Role of Non-Banking Financial Companies (NBFCs).pdfChampak Jhagmag
 
powerpoint presentation about asian regioonalism
powerpoint presentation about asian regioonalismpowerpoint presentation about asian regioonalism
powerpoint presentation about asian regioonalismrezeraaisla
 
Stock Market Brief Deck FOR 3142024..pdf
Stock Market Brief Deck FOR 3142024..pdfStock Market Brief Deck FOR 3142024..pdf
Stock Market Brief Deck FOR 3142024..pdfMichael Silva
 
First, Second, and Third Generation Islamic Economicss
First, Second, and Third Generation Islamic EconomicssFirst, Second, and Third Generation Islamic Economicss
First, Second, and Third Generation Islamic EconomicssAsad Zaman
 
Pros and Cons of Interest-Only DSCR Loans
Pros and Cons of Interest-Only DSCR LoansPros and Cons of Interest-Only DSCR Loans
Pros and Cons of Interest-Only DSCR LoansPark Place Finance LLC
 
Swift_Maintaining Critical Standards(...).pptx.pdf
Swift_Maintaining Critical Standards(...).pptx.pdfSwift_Maintaining Critical Standards(...).pptx.pdf
Swift_Maintaining Critical Standards(...).pptx.pdfNeo4j
 
ANALYSIS OF BANK MANDIRI S HEALTH LEVEL BASED ON RISK PROFILE, GOOD CORPORATE...
ANALYSIS OF BANK MANDIRI S HEALTH LEVEL BASED ON RISK PROFILE, GOOD CORPORATE...ANALYSIS OF BANK MANDIRI S HEALTH LEVEL BASED ON RISK PROFILE, GOOD CORPORATE...
ANALYSIS OF BANK MANDIRI S HEALTH LEVEL BASED ON RISK PROFILE, GOOD CORPORATE...indexPub
 
2024.03 Strategic Resources_Pub presentation
2024.03 Strategic Resources_Pub presentation2024.03 Strategic Resources_Pub presentation
2024.03 Strategic Resources_Pub presentationAdnet Communications
 
renaltumors upasana sahu Group 50.pptxism
renaltumors upasana sahu Group 50.pptxismrenaltumors upasana sahu Group 50.pptxism
renaltumors upasana sahu Group 50.pptxismthxz2fdqxw
 
Challenging Factors of Rural Women Entrepreneurs in West Bengal
Challenging Factors of Rural Women Entrepreneurs in West  BengalChallenging Factors of Rural Women Entrepreneurs in West  Bengal
Challenging Factors of Rural Women Entrepreneurs in West BengalNabarun Chakraborty
 
Planning of societal re/production in a commonist society
Planning of societal re/production in a commonist societyPlanning of societal re/production in a commonist society
Planning of societal re/production in a commonist societyStefanMz
 
Mytilineos (OW, TP_ €46.0_sh)_ Strong organic progress 14-03-2024.pdf
Mytilineos (OW, TP_ €46.0_sh)_ Strong organic progress 14-03-2024.pdfMytilineos (OW, TP_ €46.0_sh)_ Strong organic progress 14-03-2024.pdf
Mytilineos (OW, TP_ €46.0_sh)_ Strong organic progress 14-03-2024.pdfNewsroom8
 
Economic Risk Factor Update: March 2024 [SlideShare]
Economic Risk Factor Update: March 2024 [SlideShare]Economic Risk Factor Update: March 2024 [SlideShare]
Economic Risk Factor Update: March 2024 [SlideShare]Commonwealth
 

Recently uploaded (20)

Stock Market Brief Deck FOR 31124 yt.pdf
Stock Market Brief Deck FOR 31124 yt.pdfStock Market Brief Deck FOR 31124 yt.pdf
Stock Market Brief Deck FOR 31124 yt.pdf
 
Buy-Side Leaps Into Gen AI Era by Jasper Colin
Buy-Side Leaps Into Gen AI Era by Jasper ColinBuy-Side Leaps Into Gen AI Era by Jasper Colin
Buy-Side Leaps Into Gen AI Era by Jasper Colin
 
Islamic banking in Afghanistan from start until now
Islamic banking in Afghanistan from start until nowIslamic banking in Afghanistan from start until now
Islamic banking in Afghanistan from start until now
 
BIHC Briefing Greece March 2024, with Crédit Agricole CIB
BIHC Briefing Greece March 2024, with Crédit Agricole CIBBIHC Briefing Greece March 2024, with Crédit Agricole CIB
BIHC Briefing Greece March 2024, with Crédit Agricole CIB
 
2024.03 Strategic Resources_Pub (1). pdf
2024.03 Strategic Resources_Pub (1). pdf2024.03 Strategic Resources_Pub (1). pdf
2024.03 Strategic Resources_Pub (1). pdf
 
AUDITING FRAUDS OF AN ENGLISH COMPANY.PPTX
AUDITING FRAUDS OF AN ENGLISH COMPANY.PPTXAUDITING FRAUDS OF AN ENGLISH COMPANY.PPTX
AUDITING FRAUDS OF AN ENGLISH COMPANY.PPTX
 
Closing Remarks International Women's Day 2024
Closing Remarks International Women's Day 2024Closing Remarks International Women's Day 2024
Closing Remarks International Women's Day 2024
 
The Role of Non-Banking Financial Companies (NBFCs).pdf
The Role of Non-Banking Financial Companies (NBFCs).pdfThe Role of Non-Banking Financial Companies (NBFCs).pdf
The Role of Non-Banking Financial Companies (NBFCs).pdf
 
powerpoint presentation about asian regioonalism
powerpoint presentation about asian regioonalismpowerpoint presentation about asian regioonalism
powerpoint presentation about asian regioonalism
 
Stock Market Brief Deck FOR 3142024..pdf
Stock Market Brief Deck FOR 3142024..pdfStock Market Brief Deck FOR 3142024..pdf
Stock Market Brief Deck FOR 3142024..pdf
 
First, Second, and Third Generation Islamic Economicss
First, Second, and Third Generation Islamic EconomicssFirst, Second, and Third Generation Islamic Economicss
First, Second, and Third Generation Islamic Economicss
 
Pros and Cons of Interest-Only DSCR Loans
Pros and Cons of Interest-Only DSCR LoansPros and Cons of Interest-Only DSCR Loans
Pros and Cons of Interest-Only DSCR Loans
 
Swift_Maintaining Critical Standards(...).pptx.pdf
Swift_Maintaining Critical Standards(...).pptx.pdfSwift_Maintaining Critical Standards(...).pptx.pdf
Swift_Maintaining Critical Standards(...).pptx.pdf
 
ANALYSIS OF BANK MANDIRI S HEALTH LEVEL BASED ON RISK PROFILE, GOOD CORPORATE...
ANALYSIS OF BANK MANDIRI S HEALTH LEVEL BASED ON RISK PROFILE, GOOD CORPORATE...ANALYSIS OF BANK MANDIRI S HEALTH LEVEL BASED ON RISK PROFILE, GOOD CORPORATE...
ANALYSIS OF BANK MANDIRI S HEALTH LEVEL BASED ON RISK PROFILE, GOOD CORPORATE...
 
2024.03 Strategic Resources_Pub presentation
2024.03 Strategic Resources_Pub presentation2024.03 Strategic Resources_Pub presentation
2024.03 Strategic Resources_Pub presentation
 
renaltumors upasana sahu Group 50.pptxism
renaltumors upasana sahu Group 50.pptxismrenaltumors upasana sahu Group 50.pptxism
renaltumors upasana sahu Group 50.pptxism
 
Challenging Factors of Rural Women Entrepreneurs in West Bengal
Challenging Factors of Rural Women Entrepreneurs in West  BengalChallenging Factors of Rural Women Entrepreneurs in West  Bengal
Challenging Factors of Rural Women Entrepreneurs in West Bengal
 
Planning of societal re/production in a commonist society
Planning of societal re/production in a commonist societyPlanning of societal re/production in a commonist society
Planning of societal re/production in a commonist society
 
Mytilineos (OW, TP_ €46.0_sh)_ Strong organic progress 14-03-2024.pdf
Mytilineos (OW, TP_ €46.0_sh)_ Strong organic progress 14-03-2024.pdfMytilineos (OW, TP_ €46.0_sh)_ Strong organic progress 14-03-2024.pdf
Mytilineos (OW, TP_ €46.0_sh)_ Strong organic progress 14-03-2024.pdf
 
Economic Risk Factor Update: March 2024 [SlideShare]
Economic Risk Factor Update: March 2024 [SlideShare]Economic Risk Factor Update: March 2024 [SlideShare]
Economic Risk Factor Update: March 2024 [SlideShare]
 

Making your money last in retirement - Aviva's longevity report

  • 1. Making your money last in retirement Aviva’s longevity report January 2015
  • 2. Making your money last in Retirement 2 Foreword 3 What do people think about how long they will live 4 Perceptions versus reality 5 The age at which you are most likely to die and 7 why it is important Managing money as the years roll by 9 Where we live signposts how long we will live 10 Lifestyle and how people choose to live their lives 14 Conclusion 18 Contents
  • 3. Making your money last in Retirement 3 Source: 1 Office for National Statistics – 11 December 2013 Foreword When we think about the type of retirement we would like, it is natural to think about our parents and expect the same standard of living. The problem with this view is that many people approaching retirement in the next few decades are unlikely to enjoy quite the same level of comfort as that of their parents. The end of generous defined benefit schemes, together with more turbulent working and economic conditions, will mean that the type of retirement people enjoy will depend on their personal preparation. Retirement won’t just happen, it will have to be carefully planned. With new freedoms being introduced from April 2015, those aged over 55 years will have even more choice in how they use their retirement savings. If they choose, they can take all of their savings in one cash lump sum under the rules outlined as part of the government’s freedom and choice changes. Offering far more choice in how people use their savings when they come to retire will hopefully encourage them to save into a pension in the first place. What retirees do with their savings becomes the critical question. Whether they take their savings as a lump sum, look to a guaranteed income, choose the flexibility of drawdown, or select a mix of solutions, depends largely on their personal circumstances. And one key factor is how long they are likely to live. All the evidence points to the fact that people routinely underestimate their life expectancy, which means that they potentially fall at the first hurdle when it comes to retirement planning. A person budgeting for a retirement of 20 years, when in fact they will live 25 years, will face uncertain final years. Even underestimating life expectancy by a couple of years could have serious consequences for someone in their later years who has outlived their savings, has care needs and has nothing to fall back on. In our Making your money last in retirement special report we compare and consider consumer attitudes to the facts about longevity, and make some clear recommendations about how the government and the industry must respond. The retirement planning help available to consumers from April, from the government, providers and through the guidance guarantee, must include assistance in understanding the importance of, and estimating, life expectancy. Although no one can absolutely pin down their own life expectancy, it is possible to look at the available information and make sensible estimations that will have a positive impact on their financial plans. One third of babies born today are expected to live to 100 years old1 , and the number of centenarians is expected to increase from 14,000 in 2013 to 111,000 in 2037. It is therefore absolutely clear that what we put in place today to help retirees make the most of their savings and their retirement is undoubtedly going to help our children and grandchildren in future years. Clive Bolton
  • 4. A serious health condition/illness They are a smoker Does not have the money to support themselves should they fall ill The risk of running out of money is likely to remain a constant threat for many people throughout their retirement, and thorough planning will become increasingly important as people take on more personal responsibility. People choosing to take some or all of their pension savings as cash, once the government’s freedom and choice changes are introduced, can only assess whether this is a wise decision if they have an accurate understanding of their life expectancy. To fail to consider how much money they will need for their retirement years means they may risk a life of poverty if they outlive their savings. The evidence that people underestimate their life expectancy can be seen in consumer research conducted by Aviva2 , which asked 50-65 year olds what they thought the average life expectancy was for someone of their age and gender. This was then compared to the age they individually thought they would reach. In Aviva’s research, consumers felt the average life expectancy for someone of their age and gender was 80 years for men and 84 years for women, three years below the national life expectancy at age 65 for men and two years below for women. While a few years does not seem a lot, it could still make a huge difference to how well people live in their final years. Why people think they will live a shorter life than average – Aviva’s consumer research 50-65 year olds who feel they will live a shorter life than average What do people think about how long they will live Making your money last in Retirement 4 2 Aviva consumer research conducted summer 2014 in collaboration with ICM Unlimited research 11%28% 63% 22% 10%27% 8%27% 64% 18% 14%28% There is a serious health condition / illness running in their family (which they do not currently have)Lifestyle – drinking and lack of exercise Family does not live long 10%28% 63% 20% 12%28% Reasons people say they will live a shorter life than average Men All Women
  • 5. The significance in the gap between perception and reality can be seen when Aviva’s consumer research is compared with national statistics. The following chart3 compares the consumer research with the average life expectancy at age 65 according to Office for National Statistics (ONS) data, insured lives (people who are savers), and also insured people in good health at age 65. Aviva’s analysis indicates that about 30% of the annuitising population are expected to fit into this ‘healthier’ category. Male savers live on average three years longer than the average member of the UK population, while women savers live over two years longer than the average member of the UK population. And against both measures 50-65 year olds, when asked for their personal opinions, routinely fall short of the average life expectancy. Understanding these nuances in life expectancy data is clearly an important factor for retirees to consider. Looking solely at national (ONS) life expectancy data, it could be easily assumed that people are underestimating their longevity by a few years. While this may be true for some, healthy insured savers may live as much as eight years longer than they think they will. The difference between perceived and actual life expectancy at age 65 measured in different ways Perceptions versus reality Making your money last in Retirement 5 Aviva longevity consumer research with 50-65 year olds WomenMen Aviva longevity consumer research with 50-65 year olds UK average (ONS) UK average (ONS) Insured lives (savers) Insured lives (savers) Healthy insured lives (savers) Healthy insured lives (savers) Life expectancy in years at age 65 12 14 16 18 20 22 8 years 4.7 years 24 26 28 15 23.7 18.3 23.1 21.3 20.8 23 19
  • 6. Making your money last in Retirement 6 The financial implications for people underestimating their life expectancy are significant. Those people estimating they need £100,000 of private pension savings to top up their other income, such as state pension, could actually need about £150,000, if they had accurately predicted their life expectancy. The situation is potentially worse for those 50-65 years olds who, in Aviva’s research, predicted a much shorter life expectancy. More than a quarter (29%) of men and 23% of women said they did not think they would reach their average life expectancy. Of those predicting a shorter life expectancy, men said they would die on average 13 years earlier, at just 67 years old, and women said they would die on average 12 years earlier, or at age 72. Whether these views are realistic is difficult to tell, but many do say that they base them on a known health condition or family history. We also know from the Aviva Real Retirement4 research that many people are not overly concerned by the prospect of outliving their savings compared to the more fundamental concerns of getting older. Only 5% say a key worry is living longer than they expect and not having the money to fund their retirement. This relatively low level of concern sits in stark contrast to ageing concerns such as ill health (56%), conditions such as dementia (50%), being dependent on other people (36%), going into a care home (30%) and dying or people close to them passing away (25%). Without a focused effort by the government and the wider industry it may therefore be difficult to get people to really understand the importance of longevity in their retirement planning. 3 Source data: Aviva consumer research conducted summer 2014 in collaboration with ICM Unlimited research Office for National Statistics, National Life Tables, UK, 2011-2013 CMI (Continuous Mortality Investigation, Institute and Faculty of Actuaries) 4 Aviva Real Retirement Report – Autumn 2014 - consumer research into the over-55s
  • 7. Making your money last in Retirement 7 When we compare consumers’ views on how long they expect to live with the facts about longevity it is not difficult to conclude that people will need help and guidance in accurately factoring in life expectancy to their planning, and understanding its relevance. There is no way to predict with complete certainty the life expectancy of any one individual, as the chart below on male savers shows. Age at which people are most likely to die if they are aged 65 (Projected modal age of death of insured 65 year old man) The most likely age of death for men is 89 years. However, over 31 (31.7) out of every 100 men who reach age 89 years will live to age 90 years or longer, and nearly three (2.8) out of every 100 men will live to 100 years or more. Although the chance of living to more than 100 years is quite low, the chance of living to age 90 or more, at almost one in three, cannot be ignored when planning retirement finances. Source data: CMI (Continuous Mortality Investigation, Institute and Faculty of Actuaries) The age at which you are most likely to die and why it is important 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 101 103 105 107 109 111 113 115 117 119 Number of deaths in each year 31.7% of65-yearold menwilllivelonger thanmodalage of89
  • 8. Making your money last in Retirement 8 The story for women savers is similar with the most likely life expectancy being age 90, 36.9% of women out of 100 living to 91 or older, and nearly five out of 100 women living beyond a century. Age at which people are most likely to die if they are age 65 (Projected modal age of death of insured 65 year old woman) The choice people make with their retirement savings is therefore crucial when it comes to the likelihood of running out of money. Annuities can provide certainty that the chosen level of income will be payable no matter how long they live. This may come at the price of a lower initial income compared to a drawdown arrangement. Drawdown on the other hand can be managed to last for either the average life expectancy of savers or a longer or shorter duration depending upon known factors that might shorten or lengthen their specific life expectancy. Taking a conservative strategy with drawdown, for example, by planning for money to last to 95 years or more, will: • Provide greater certainty (but not complete certainty) that they will not run out of money before death. • Result in a lower income stream than if planning to the average age of death. • Create the possibility that they will die with surplus (unused) funds, which may form part of their inheritance. And the opposite is true if they manage their money to last for less than the average life expectancy. Knowing how long people want their money to last is therefore an essential pre-requisite of using income drawdown. Source data: CMI (Continuous Mortality Investigation, Institute and Faculty of Actuaries) 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 101 103 105 107 109 111 113 115 117 119 Number of deaths in each year 36.9% of65-yearold womenwilllive longerthanmodal ageof90
  • 9. Making your money last in Retirement 9 Another interesting aspect of longevity is how an individual’s life expectancy changes as they age. This can be summed up as, “the longer you live, the longer you will live” and is illustrated in the following chart. The longer you live, the longer you will live! The reason that life expectancy lengthens the longer someone lives is that those that die before the average age no longer form part of the statistics used to calculate the average for older age groups. But this information is more than just a statistical phenomenon. It means that people continually need to adjust their plans as they get older. For example, a woman saver retiring at age 65 is expected to live to age 88 on average, but by the time she reaches age 75, that has increased to almost 90. That means that her money now needs to last two years longer. It has also long been established that women outlive men. However, the longevity gap between women and men is not static. Improvements in men’s health, together with more women entering the workforce, experiencing stress, and increased smoking and drinking, has led to the gap between the sexes narrowing. ONS5 data shows that in 1963, between the ages of 55-69 years, male mortality rates were double those for females. By 2013 the absolute difference in mortality at these ages reduced by more than a half6 . Managing money as the years roll by 5 ONS 13 October 2014 http://www.ons.gov.uk/ons/rel/vsob1/death-reg-sum-tables/2013/sty-mortality-rates-by-age.html 6 ONS: The absolute difference being calculated by subtracting the female from the male mortality rates. Expectedaveragelifeexpectancyforinsuredlives(savers) Life expectancy of age group Men 85-8980-8475-7970-7465-6960-6455-59 84 94 93 92 91 90 89 88 87 86 85 86 88 88 88 89 90 91 93 86 86 87 88 90 92 Women
  • 10. Making your money last in Retirement 10 So far, this report has looked at people’s perceptions of their life expectancy and the different ways that longevity data can be interpreted. The following sections look at the differences in life expectancy at a local and unitary authority level and the link to lifestyle factors. As well as the genes people are born with and random chance, how people choose to live also plays a key role in how long their life will be. Regional life expectancy statistics do not show the true longevity variance in the towns and cities contained within those locations. Moving home will not suddenly increase an individual’s life expectancy and it is possible to observe the best and worst life expectancy within any area of the UK. The purpose of this analysis is to determine if data on lifestyle factors, such as smoking and obesity, can be linked to life expectancy in the same areas. Lifestyle is only one factor affecting life expectancy and it is possible to identify whole local areas that exhibit poor lifestyle factors, but have better than average life expectancy. This is an area that requires continuing analysis to understand the complex interplay of those factors affecting life expectancy. Male Life expectancy at age 65 by Local Authority (England and Wales) and Council Area (Scotland) Where we live signposts how long we will live Top 10 20.9Years to liveHarrow1 20.8Years to live Kensington and Chelsea 2 20.7Years to liveChiltern4 20.6Years to liveWestminster5 20.6 Years to live Hart 6 20.6 Years to live Christchurch 7 20.5 Years to live South Cambridgeshire 8 20.3 Years to live New Forest 10 20.8 East Dorset 3 Years to live 20.4 Epsom and Ewell 9Years to live
  • 11. Making your money last in Retirement 11 Bottom 10 16.5Years to live Blackpool unitary authority 1 16.5Years to live Blaenau Gwent 2 16.5Years to liveRenfrewshire3 16.3Years to live Eilean Siar 4 16.2Years to live Dundee City 5 16.0 Years to live North Lanarkshire 6 15.9 Years to live West Dunbartonshire 7 15.8 Years to live Manchester 8 15.8 Years to live Inverclyde 9 14.9 Years to live Glasgow City 10
  • 12. Making your money last in Retirement 12 Female Life expectancy at age 65 by Local Authority (England and Wales) and Council Area (Scotland) Regional differences in women’s life expectancy are almost as marked as the differences seen in men. Top 10 23.8Years to liveCamden1 23.6Years to live East Dorset 2 23.6Years to livePurbeck3 23.4Years to liveHarrow4 23.4Years to live Richmond upon Thames 5 23.4 Years to live Chiltern 6 23.3 Years to live South Cambridgeshire 7 23.2 Years to live Kensington and Chelsea 8 23.2 Years to live Winchester 9 23.2 Years to live Christchurch 10
  • 13. Making your money last in Retirement 13 Another interesting aspect of these statistics is the difference between male and female life expectancy within the same local authority. The local authorities with the highest difference between male and female life expectancy are: And those with smallest differences between male and female life expectancy are: Bottom 10 19.0Years to liveInverclyde1 18.9Years to live Middlesbrough unitary authority 2 18.9Years to liveRenfrewshire3 18.8Years to liveManchester4 18.7Years to liveCorby5 18.7 Years to live Blaenau Gwent 6 18.7 Years to live West Lothian 7 18.3 Years to live Glasgow City 8 18.3 Years to live North Lanarkshire 9 18.3 Years to live West Dunbartonshire 10 19.7 23.4 3.7 Female life expectancy Difference Male life expectancy Richmond upon Thames 19.4 21.1 1.7 Female life expectancy Difference Male life expectancy Surrey Heath 16.8 20.5 3.7 Female life expectancy Difference Male life expectancy Nottingham UA 19.4 21.0 1.6 Female life expectancy Difference Male life expectancy Adur 20.2 23.8 3.6 Female life expectancy Difference Male life expectancy Camden 17.2 18.7 1.5 Female life expectancy Difference Male life expectancy Corby 18.0 21.5 3.5 Female life expectancy Difference Male life expectancy Gloucester 19.6 20.6 1.0 Female life expectancy Difference Male life expectancy Basingstoke and Deane
  • 14. Making your money last in Retirement 14 Although genetics play a key role in people’s life expectancy, lifestyle choices are also a major influence. Smoking, alcohol consumption, obesity, diet and exercise can all have a major impact not only on how long people live, but the quality of those extra years. Smoking The impact of lifestyle choices can be seen by analysing ONS data for local and unitary authorities in England and Wales with the highest rates of current smokers and mapping this against averaged data on male and female life expectancy at age 65 from the same areas. Smoking and life expectancy – the top 40 local and unitary authorities with the highest rates of adult smokers and life expectancy ranking Lifestyle and how people choose to live their lives Percentage of adults who are current smokers Adult at age 65 longevity ranking out of 346 Local or Unitary Authorities in E&W Longevity Quartile Ranking 1 Ashfield 29.4% 322 4 2 Kingston upon Hull, City of 29.3% 337 4 3 Mansfield 29.3% 293 4 4 Copeland 28.4% 301 4 5 Lincoln 28.3% 290 4 6 West Lancashire 28.2% 272 4 7 Stevenage 27.6% 236 3 8 Knowsley 27.6% 334 4 9 Dover 27.4% 210 3 10 North East Lincolnshire 27.3% 287 4 11 Manchester 27.2% 346 4 12 Blackburn with Darwen 27.2% 327 4 13 Hastings 27.0% 282 4 14 Doncaster 27.0% 297 4 15 Norwich 26.3% 63 1 16 Boston 26.1% 201 3 17 Blackpool 25.9% 342 4 18 Barnsley 25.6% 311 4 19 Fenland 25.5% 186 3 20 Corby 25.5% 341 4 21 Salford 25.4% 340 4 22 Stoke-on-Trent 25.3% 323 4 23 Wellingborough 25.3% 86 1 24 Hackney 25.2% 227 3 25 Redditch 25.2% 238 3 26 Bolsover 25.2% 330 4 27 Gloucester 25.1% 206 3 28 Oldham 24.9% 325 4 29 Great Yarmouth 24.9% 249 3 30 Preston 24.8% 304 4
  • 15. Making your money last in Retirement 15 With only a handful of exceptions, the local and unitary authorities with the highest percentages of adults who are current smokers are also the areas with amongst the worst life expectancies. Smoking is the single most important lifestyle factor that impacts life expectancy, which this analysis demonstrates clearly. 31 Middlesbrough 24.7% 344 4 32 Barrow-in-Furness 24.4% 283 4 33 Rushmoor 24.3% 218 3 34 Mid Sussex 24.2% 74 1 35 Carlisle 24.2% 254 3 36 Liverpool 24.2% 343 4 37 Forest Heath 24.1% 64 1 38 St Edmundsbury 24.1% 55 1 39 Tameside 24.1% 339 4 40 Weymouth and Portland 23.9% 151 2 AVERAGE 26.0% 258.3 3.3 Top 10 Ashfield Copeland Mansfield West Lancashire Kingston upon Hull, City of North East Lincolnshire Dover Stevenage Lincoln Knowsley
  • 16. Making your money last in Retirement 16 Obesity Following a similar process to our analysis on smoking, we have identified the 40 local and unitary authorities with the highest level of adult obesity and mapped this against averaged male and female life expectancy at age 65 data from the same areas. Obesity and life expectancy - the top 40 local and unitary authorities with the highest rates of obese adults and life expectancy ranking Local or unitary authority Percentage of adults classed as obese Adult age 65 longevity ranking out of 346 Local or Unitary Authorities in E&W Longevity Quartile Ranking 1 Halton 35.2% 336 4 2 Barnsley 34.4% 311 4 3 South Holland 32.5% 128 2 4 Mansfield 32.4% 293 4 5 Telford and Wrekin 32.3% 298 4 6 North Lincolnshire 32.0% 234 3 7 Barking and Dagenham 31.6% 299 4 8 East Lindsey 31.6% 256 3 9 Thurrock 31.4% 273 4 10 City of London 31.4% 0 Insufficient longevity data 11 East Staffordshire 31.0% 220 3 12 Bolsover 31.0% 330 4 13 Hartlepool 30.6% 315 4 14 Walsall 30.4% 237 3 15 Doncaster 30.4% 297 4 16 Cannock Chase 30.3% 233 3 17 Gloucester 30.3% 206 3 18 Basildon 30.2% 143 2 19 Rochdale 29.9% 318 4 20 Sedgemoor 29.9% 115 2 21 Great Yarmouth 29.7% 249 3 22 Blackpool 29.5% 342 4 23 St. Helens 29.3% 302 4 24 Darlington 29.3% 253 3 25 Gosport 29.1% 260 4 26 Hinckley and Bosworth 28.9% 126 2 27 Wolverhampton 28.5% 292 4 28 Rotherham 28.5% 303 4 29 Kingston upon Hull, City of 28.4% 337 4 30 Copeland 28.3% 301 4
  • 17. Making your money last in Retirement 17 31 Broxbourne 28.3% 65 1 32 North Norfolk 28.2% 33 1 33 Ashfield 28.2% 322 4 34 Rochford 28.1% 58 1 35 Swale 28.0% 223 3 36 Amber Valley 28.0% 221 3 37 Dudley 27.8% 204 3 38 Hyndburn 27.7% 331 4 39 Wychavon 27.6% 28 1 40 North Warwickshire 27.5% 280 4 AVERAGE 29.9% 240.3 3.2 Top 10 Halton Telford and Wrekin City of London Thurrock South Holland Barnsley East Lindsey North Lincolnshire Barking & Dagenham Mansfield
  • 18. Making your money last in Retirement 18 Understanding the issues affecting an individual’s life expectancy are complex and deeply personal, which makes it a subject that can be considered off limits. Retirees considering their personal life expectancy may actually be facing their own mortality for the first time, and this could be challenging. And yet life expectancy is a subject that is fundamental to the whole process of retirement planning, and one that is of increasing importance as retirees are offered new pension freedoms. Helping retirees factor in longevity should be a priority for government and our industry. Aviva recommends: For government and industry: • Healthy lifestyle campaigns are important with a focus on specific locations where there is known to be a high incidence of, for instance, smoking or obesity. • It should be mandatory that nationally-agreed life expectancy figures are included in the government’s guidance guarantee to encourage fully informed conversations. Nuances such as the difference between savers and non-savers should also be taken into account. • Providers and guidance guarantee providers should point customers to the agreed life expectancy figures for the purposes of retirement planning. • Online tools and information should be made available to help consumers to estimate their own longevity to allow them to make more realistic plans, accepting that it is impossible to predict the life expectancy of any one individual. • This information is particularly relevant to those drawing down from pension funds or other investments rather than buying an annuity because knowing how long their money needs to last is critical. For consumers: • Consumers should accurately assess their life expectancy as part of their retirement planning and understand the factors that affect it, such as existing conditions and lifestyle choices. This should give them realistic expectations and a rough idea whether they will live longer than average or shorter than average. • When thinking about how much money they will need in retirement, consumers should consider the total savings they have, including all of their assets (such as their property), and measure this against their expenditure, and the years they expect to live in retirement. • People’s life expectancy changes as they get older, so retirees should review their finances during the course of their retirement to ensure they have budgeted appropriately for the years they are likely to live. • Accessing online tools will help people to accurately assess their life expectancy. Aviva’s Making your money last in retirement report was produced by Aviva in January 2015. For further information contact: John Lawson Head of Policy Aviva john.lawson@aviva.co.uk Diane Mangan Senior Media Relations Manager Aviva diane.mangan@aviva.co.uk Conclusion
  • 19. Making your money last in Retirement 19
  • 20. 106027733 01/2015 © Aviva plc