Longevity risk in Singapore cuts both ways — living longer is good news, but more years often means more years of disability to plan for financially.

Hope that you’re having a great start to the year!

Came across the following article

https://www.healthxchange.com.sg/news/Pages/Singaporean-Living-Longer-Good-Health.aspx

“MEN in Singapore have the second highest healthy life expectancy in the world and women the fourth highest…..But these longer healthy lives also come with longer years of disability”

“A boy born here in 2010 can expect to live 68.1 years in good health and 10.7 years coping with serious disability.

“A girl can expect 70 years of healthy life and 13.3 years with poor health”

“Women are hit especially hard by disability. Women aged 15 to 65 years lose more healthy life to disability than men.”

http://www.straitstimes.com/singapore/more-living-to-100-years-old-in-singapore

So what does it have to do with financial planning? EVERYTHING!

With increasing longevity, will your retirement nest egg be sufficient?

How big should your retirement nest egg be come the age you wish to retire?

Should health fails and your income ceases, how much are you willing to drain your reserves to fund your healthcare cost? how will you continue to care for your family and fund your financial commitments?

Is your insurance cover adequate?

Do you have disability insurance? Do you realize that many disability situations will not satisfy a Death, TPD or Critical Illness claim? i.e none of your existing policies will offer a payout. Hence, not having one is akin to trying to shield you and your family with an umbrella with gaping holes or caring for them in a house with a leaking roof.

Would you do that to your family?

To seek advise on the above, just send me an email on the right and we’ll get in touch soon.

Living longer is precisely why health insurance planning matters more than most people assume, and why medical costs deserve a line in your retirement plan. Not sure where you stand? Try the free Financial Clarity Session.