The American Academy of Actuaries and the Society of Actuaries (SOA) have jointly released the Actuaries Longevity Illustrator, an online tool that calculates longevity risk.
Life expectancy, the groups point out, "is a single number coming from a single set of assumptions, and individuals may outlive that estimate." The purpose of the tool is to provide a range of outcomes that illustrate the uncertainty of longevity risk.
The Academy and SOA note that there is a significant financial risk involved in living longer, which is why retirement planning should include a range of situations and risks that may be encountered.
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