Current Life Expectancy Numbers
May 25, 2016
In Canada, as in many countries around the world, our life expectancy continues to increase. In B.C., these rates are the highest of all the province— just slightly higher than the Canadian average.
Today, life expectancy at birth in B.C. is roughly 80 years for males and 84 for females. But what does life expectancy actually mean?
For a given group, in terms of life expectancy, one half of that group will have died and one half will still be alive. However, as we get older, revised life expectancy numbers will apply as many of the original group will have died. For example, for males age 65 in B.C., life expectancy is 19-20 years, and for females, it’s 22-23 years. The following table demonstrates rough numbers for various current attained age levels in Canada. For B.C. residents, we can add roughly one year to the numbers:
|
Age |
Male |
Female |
|
65 |
18 – 19 years |
21 – 22 years |
|
70 |
14 - 15 years |
17 – 18 years |
|
75 |
11 – 12 years |
13 – 14 years |
|
80 |
8 – 9 years |
10 – 11 years |
|
85 |
6 – y years |
7 – 8 years |
|
90 |
4 – 5 years |
5 – 6 years |
|
95 |
3 – 4 years |
3 – 4 years |
Another approach that can be useful is to look at the probability of reaching a specific future age based on your current age. For example, the following table notes the probability of reaching age 90 or 95 for current 65 year olds:
|
Current Age |
Probability of reaching age 90 or 95 |
|
|
|
Age 90 |
Age 95 |
|
Male 65 |
38% |
17% |
|
Female 65 |
47% |
25% |
|
Couple both 65* |
67% |
37% |
|
*Probability at least one will reach this age |
||
|
|
||
A few interesting observations emerge from the noted statistics. The difference between males and females has started to diminish over the last few years; however, females still maintain a significant increased life expectancy. Also, as we reach our nineties, the life expectancy for males and females narrows. There are, however, many more females still alive in their nineties and now quite a few beyond age 100. In Canada, there are now in excess of 5,000 people age 100 or over. And while measured from a small base, it is one of the fastest growing cohorts by percentage increase. The ratio of females to males in that group is roughly 5:1. These numbers need to be factored into many of our lifestyle decisions, such as residence choices, healthcare options, as well as investment and income requirements. Your Rogers Group Financial advisor will take life expectancy into account, in addition to numerous other factors, when creating your financial plan.
Business Owners
The most overlooked area of financial planning for business owners and incorporated professionals is the lack of integration between corporate and personal assets. When the majority of your assets are in your corporation you need very specific, specialized and personalized financial advice.
Learn More
