Life expectancy calculator

In order for your clients to successfully plan for their future, they should take into account their life expectancy. With the calculator below – courtesy of the Office for National Statistics – they can see how long they’re likely to live, and the likelihood of them reaching an advanced age.

How to use the calculator

Using the tool is easy – simply input your clients current age, select whether their male or female, and click "Calculate your life expectancy".

The calculator will then show their average life expectancy for people their age and how many years it will take for them to reach this age. It will also display the "one in four" and "one in ten" chances of them reaching certain advanced ages, and the percentage chance of them reaching 100. Below these statistics, the probability (%) of them reaching particular ages is shown on a graph.

Source: Life expectancy is calculated using the 2016-based principal projection for 2018 in the UK produced by the ONS.

Why should I plan?

Planning for a pension is very important. If you fail to save up enough money as you get older, you may be left without the money you need to maintain your desired quality of life. Getting a good idea of how many years you are going to live for after retiring will allow you to work out how much you need to save for after you retire.

The average life expectancy calculation won’t take into consideration your specific circumstances in terms of any illnesses and health conditions. 

How much should I save?

Simply use this easy equation:

(Age at death – retirement age) x income required per year = how much you should save.

This is a basic equation to calculate a recommended amount to save for retirement.  However, there are other factors which may affect your pension savings such as investment growth or decline. If you are unsure, seek help from your financial adviser.

If you have worked in the UK and made National Insurance contributions for 35 years, you will be eligible for the full new state pension. You’ll usually need at least 10 qualifying years on your National Insurance record to get any State Pension. The age this can be received depends on the year of your birth – this government tool will allow you to check yours. The government may alter the eligibility age in the future. You may wish to work beyond this age, of course.

The state pension only guarantees a basic level of income, so it's important you save for your eventual retirement. With this money, a financial adviser can help you choose either a fixed income paid until the end of your life known as a guaranteed annuity, or a pension drawdown – an investment-based fund that may grow, and that can be withdrawn at any time.

This website is for UK professional advisers only and is not approved for use by private customers.

Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised and regulated by the Financial Conduct Authority.