I made a research into trend in death rates in Singapore during the 10 years from 1996 and 2006.
The death rates for each age group, falls by about 4% per year. For example, for males age 55 to 59, the death rate dropped from 17.9 per in 1996 to 11.3 in 2006.
If this trend continues, we will see some interesting situations:
1. Based on the current death rates, a male age 65 can expect to live another 17.8 years. If the rates continue to fall, the life expectancy increases to 27.3 years, i.e. 10 years more.
2. If the age-specific death rates continue to fall by 4% per year, a baby born today can expect to live to an average of 116 years. Wow!
What does this mean? It is important to have a life annuity. You will live longer than you expect!
Note. Some people think that it is not possible for death rates to continue to fall by 4% per year. It will reach a certain point and stop declining after that.
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