Most people underestimate how long they will have to rely on their retirement income and with pension rules now allowing unlimited access to pension funds, this has raised serious concerns that people may run out of money in retirement.
When considering how to structure your retirement benefits, a vital factor to take into account is how long you might live. Of course, this isn’t something anyone can predict with any accuracy but this life expectancy calculator will provide you with a very useful indication.
1. Life expectancy is calculated using projected mortality rates for the UK from the 2016-based population projections developed by the Office for National Statistics.
2. Your state pension age depends on your particular date of birth. This tool assumes your age as at 1st June of the year you were born to estimate your State Pension Age