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Why calculate life expectancy?
When planning for retirement it is important for us to understand the journey you may take after you retire. This may include spending habits on things like holidays, improvements to property or even gifts to loved ones.
We also want to make sure that you will not run out of money before you pass away to avoid having to go back to work in the golden years of your life.
It may be important for you to leave your loved ones some funds after your death to support them with their future plans. A life expectancy calculator will leave none of this to chance and allow you to have a stress-free retirement knowing you are financially secure.
Financial planning is actually a fairly straight forward principle. The “aim of the game” is to not run out of money too soon. So, if you can save enough money to provide for your financial future and run out of money “just in time”, this would be a perfectly executed plan.
With pensions and investments, the more you save, the more you have. The more you have, the earlier you can take it and the longer it will last! For example, say you have £100,000 (with no growth in this example) if you withdraw £10,000 per year then it will last 10 years. If you survive for 15 years you have a problem!
Basically, we need to know the date of our death, after all if I am 55, know I will die at 75 and have £100,000 then I know I can draw £5,000 per year and be financially secure for the rest of my life. Unfortunately (or fortunately as the case turns out), none of us know our “date of death” and therefore the best guess is the closest we can get!
The UK Government, via the Office of National Statistics https://www.ons.gov.uk/ publishes up-to-date statistical data on life expectancy. Now you may be lucky enough to live longer, but our view is using this as a guide provides some science to financial planning!
Get your personalised life expectancy figure here:
If you want to now include statistics such as growth rates, premiums, inflation, charges and tax you need to complete some “cashflow forecasting” but this is dealt with elsewhere and it is very uncommon a none financial adviser has anything sophisticated enough to project this accurately! We answer questions such as:
- Can I afford to retire?
- When can I retire?
- Will I run out of money?
- What do I need to save to generate a specific income?
- What happens if markets go down?
At Financial Fortress, projecting the future and revealing the journey is what we do, after all you do not want to be surprised if you run out of money too early! Get in touch with the financial experts to secure your very own Financial Fortress!
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