Problems associated with living longer
According to Dr Ken Dytchwald, who wrote an article in a recent issue of HBA’s magazine, “The prospect of man routinely living to 100
plus is not a fantasy.” This claim has been backed up by Mr Michael Kaleski, chief economist for Coopers Lybrand W, D. Scott. In a paper he shows that the average life expectancy 100 years ago was 45 years. He believes that by the year 2000, the life expectancy will be as much as 90 years. While such predictions will be welcomed, living longer does present some new problems. To enjoy an extended life requires more savings, so those not saving for retirement could be in big trouble. In addition, by the time you retire you might discover that the Government is
prepared to give you much less than you had hoped for. Michael Kaleski predicts that the proportion of people over 65 who rely on Government cash benefits as their principal source of income will reduce from 80 per cent in 1988 to 50 per cent in 1996. According to Kaleski, there will be a big increase in people relying on superannuation, annuities and investment income for their main income. All this means that with the strong possibility of living longer and less Government money for retirement, it is essential to start saving much earlier.
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Press, 27 September 1988, Page 36
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225Problems associated with living longer Press, 27 September 1988, Page 36
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