The Society of Actuaries (SOA) Research Institute has introduced the International Longevity Illustrator, a complimentary tool designed to assist individuals and couples in Singapore, Hong Kong, and Canada to estimate their lifespan. This tool will help users to plan their retirement more effectively.
To utilize the International Longevity Illustrator, users need to input basic information like age, sex, and general health status. The tool then generates easily interpretable charts indicating the probability of living to certain ages.
Notably, it can help a couple estimate the likelihood of living a certain number of years together or the chance that one will outlive the other.
Lisa Schilling, FSA, EA, FCA, MAAA, senior retirement research actuary at the SOA Research Institute, commented, “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 adequately protected against health risks associated with aging, and the overall rising costs of living.
SOA’s Longevity Illustrator is designed to provide information to help individuals and couples plan a secure retirement more effectively with just a few simple steps.”
Since life expectancy differs across countries, projections are based on country-specific mortality and longevity data. While the International Longevity Illustrator does not provide financial advice, the results can offer valuable insights for individuals or couples to understand their financial needs in retirement.
Founded in 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with over 32,000 actuaries as members. The SOA’s mission is to advance actuarial knowledge and boost actuaries’ capacity to provide expert advice and pertinent solutions for financial, business, and societal challenges.
The introduction of the International Longevity Illustrator aligns with SOA’s vision for actuaries to be the leading professionals in measuring and managing risk.