Many not planning well for life expectancy, study finds

December 1, 2023 by Rayne Morgan

A new study by Jackson Financial Inc. and Boston College suggests that most seniors are not as concerned about longevity risk – i.e., outliving retirement resources – as they should be, as most are not accurately predicting their lifespan.

Longevity risk refers to the chance that life expectancies and actual survival rates exceed expectations or pricing assumptions, resulting in greater-than-anticipated cash flow needs on the part of insurance companies or pension funds.

“People do not accurately estimate their life expectancy when comparing their expected longevity to standard mortality tables,” Glen Franklin, assistant vice president of Research and RIA & Lead Generation Strategy at Jackson, said.

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Originally Posted at InsuranceNewsNet on November 27, 2023 by Rayne Morgan.