LIFE expectancy has notably improved over the years. For instance, a Filipino born in 1960 had an average life expectancy of 61 years. By 2020, this figure had risen to approximately 71 years, and projections for 2040 suggest that newborns will have an estimated life expectancy of 75 years. This increase in life expectancy is attributed to enhanced access to quality healthcare, advancements in medical technology, better education, and higher income levels that support healthier lifestyles.
A longer life expectancy often translates into an extended retirement period. Today's retirees can anticipate spending more years in retirement compared to those who retired in the 1980s or 2000s. Financial planners recommend that individuals prepare for at least 20 years of retirement, which can provide a robust safety net against various financial uncertainties and lifestyle needs, helping individuals enjoy a secure and dignified retirement.
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