Saving for a Longer Life

Retirement Planning in an Age of Longevity

Life expectancies are increasing, people are living longer, and there is a growing concern that current retirement savings will not be sufficient.

People are living and are expected to live for longer
The life expectancy of humans has doubled over the past decade, according to the WHO. What is noticeable in the data is that there remains a gap between countries, with developed countries typically having a higher life expectancy than developing nations. There is a strong correlation between a country's healthcare spending and its life expectancy.

Healthcare expenditure per capita vs life expectancy

Source: World Bank Global Health Expenditure Database 2019. Chart created by Genuine Impact.

According to experts, the gap between developed and developing nations is expected to decrease over time as they play catch-up, with health care and access to it improving.

Significant contributors include improvements in nutrition, sanitation, and clean water; the development of vaccines and antibiotics; enhanced neonatal and maternal healthcare; and increasingly higher living standards. Socioeconomic progress, characterised by higher incomes and poverty reduction, has facilitated greater access to healthcare and healthier lifestyles.

Click here to read more...