Life expectancy is an important factor when planning for retirement. Although we can all plan for the age we will be at the start of retirement, none of us know for sure at what age our retirement will end.  The length of retirement is important since your retirement savings will need to be large enough to get you through. With statistics, we can estimate our life expectancy and use that to help plan for our retirement. This Life Expectancy Calculator considers factors including, current age, height & weight, education, sociodemographics, and health behaviours to estimate your life expectancy (PBL, 2024). When I completed the study, it returned a life expectancy estimate of 89 years. So if I plan to retire at 65 years old, I need to plan for my retirement savings to last at least 34 years! But remember that it may not only be you that you’re planning for. Both you and your partner should complete this calculator. You may achieve drastically different results, meaning that you will need to plan your retirement savings accordingly.

In addition to statistically predicting your life expectancy, the Life Expectancy Calculator also shows how much certain controllable behaviours affect your life expectancy. Once you have honestly completed the calculator, consider altering the inputs to see how it impacts your life expectancy. For example, if you’re a smoker, change the inputs to indicate a former smoker and see how many years you can add to your life by quitting smoking. The same applies to physical activity, alcohol, and diet.

It is impossible to predict the exact time we will die, but we can use statistical analysis to help us plan for our future.

References:

PBL, P. B. L. (2024, May 26). Life Expectancy Calculator. https://www.projectbiglife.ca/life-expectancy-calculator