What hope for annuities in New Zealand?

Every developed country is facing up to how people should manage their money in retirement.  New Zealand is no exception, but is unusual in having no annuity market. If annuities came to New Zealand, would the problem be solved?

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How long will I live?

I don’t know the answer to that question, and you may not want to.  But it helps to have some idea – for retirement planning, to understand longevity risk, or maybe you are just curious. It’s not too difficult to get an average figure.  The problem comes in making that figure realistic for you.  Continue reading

Does life expectancy tell us how long we will live?

I’ve written a PhD on this, but assuming you don’t want to read the full 100,000 words, here’s a quick summary: No.  It’s all down to probabilities.  But we tend to underestimate how long we are going to live, partly because of poor statistics and partly because we just can’t believe longevity is increasing.

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