Will you reach 100?

18 December 2015

More Australians than ever before are reaching 100 years of age, and qualifying for birthday wishes from the Queen, according to figures released by the Australian Bureau of Statistics (ABS) .

What’s your life expectancy? To a certain extent that depends on when you were born, your lifestlyle habits and any hereditary conditions, but the good news is that more and more of us are hitting the triple digits.

According to the ABS, the number of centenarians increased by 550 to 4,440 over the year ending June 2015. That’s a significant increase.

“Over the year to June 2015 the working-age population – traditionally considered those aged 15 to 64 – grew at 1.0 per cent whilst the non-working-age population (aged 0-14 and 65+), grew at 2.1 per cent. This follows a pattern that has been evident since 2010 and is mostly related to the growth in the 65 and over population,” said Beidar Cho, Director of Demography at the ABS.

“Over the last 20 years, the proportion of the 65 and over population has increased from 12 per cent to 15 per cent.”

So what’s life expectancy?

As we’ve said, it depends on a whole range of personal factors, but the Australian Government Actuary calculates an average life expectancy depsning on your current age. The most recent statistics are as follows:

Current age Number of years remaining – Male Number of years remaining – Female
0 80.06 84.31
30 51.04 54.96
65 19.22 22.05
85 6.06 7.14

Source: aga.gov.au

Obviously the older you currently are, the longer you are expected to live. That’s why men, for example, are expected to live to age 80 when they’re born – but if they make it to age 65 they’re expected to live until age 84. And if they make it to age 85 they’re expected to hold on until age 91.

Check your own life expectancy

If you want a bit of light relief during your lunch break, why not jump online and check your own life expectancy? Give one of these online calculators a try (but do read their term, conditions and disclaimers!)

The Death Clock  is very quick and very simple, with only 6 questions to answer. As one of the questions, you select what country you live in and it uses actuarial data to create a life expectancy for that country.

AMP Life Expectancy calculator will look at your level of health ia a series of questions. It also questions you about your  outlook on life, financial situation, and whether you live in an urban or rural area.

Bupa has a Quick Health Age Check where you can calculate your age in terms of how healthy you are. It also calculates your risk of dying before 90 due to preventable lifestyle choices and non-preventable health conditions that run in your family.



Compare your superannaution fund

Living for a long, long time is better than the alternative – but you want to ensure that you can do it in the style that you’re accustomed to.

Each quarter, the Association of Superannuation Funds Australia (ASFA) release their Retirement Standard benchmark, which calculates the amount of annual income, in today?s dollars, required to meet either a modest retirement lifestyle or a comfortable retirement lifestyle. Currently, a couple aiming for a modest retirement require an annual net income of $34,090, while a couple aspiring to a comfortable lifestyle must be able to generate $58,915 per annum.

It’s certainyl worth checking the fees and features of your chosen super fund to ensure that, over time, you end up with a healthy nest egg.

Oh, and good news if you’re a female – you’re far more likely to reach 100, with the ABS finding that there were almost four times more females than males reaching the 100 milestone in the year to July 2015.

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