Longevity risk is where you live for a long time but run out of money to support yourself in retirement.
Did you know that a male retiring now at age 65 can expect to live on average to age 83 and a female to age 85? That means their money has to provide them with an income for about 20 years!
However, these figures are average life expectancies and some individuals will live longer which means their money has to last longer too.
The table below shows the likelihood of someone aged 65, or at least one member of a couple both aged 65, surviving to a particular age in the UK.

Source: ONS – UK National Life Tables 2011 – 13.
So if you are male aged 65 you have about a 1 in 4 chance of surviving to age 90, if you are female you have about a 1 in 3 chance. For a couple both aged 65 there is a 50:50 chance that one of you will live to that age.
Remember when you are planning your retirement income, the trend in people living longer has been historical fact for over a century and is expected to continue into the future.
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