Longer life expectancy poses threat to pension plans: report
New figures confirm that life expectancy in Canada has increased — a trend that poses a threat for pension plan sponsors and, ultimately, for plan members.
According to updated mortality tables recently released by the Canadian Institute of Actuaries, the life expectancy of a 60-year-old male today has increased by 2.9 years — from 24.4 to 27.3 years — compared to pension mortality tables currently in use.
The life expectancy of a 60-year-old woman has increased by 2.7 years — from 26.7 to 29.4 years.
All of which is good news, of course, unless you're the one who has to figure out how to pay for those extra golden years.