According to the United Nations Population Fund’s State of World Population 2011, the population of the Philippines is 94.9 million in 2011. Of these, 47.6 million are male and 47.3 million are female. Filipino men have a life expectancy at birth of 66, while Filipino women have a life expectancy at birth of 73. Clearly, women live longer than men in the Philippines by seven years on the average.
So what does this mean for you?
Well, apart from the longer life expectancy of women, you can use this knowledge to plan for the future. The closer you are to the average life expectancy for your gender, the higher your chances of mortality. The table below shows you the number of years of life left for each gender and selected ages on the average.
So, how many years of life do you have left on the average? If you are male and 35, then you can expect 31 more years of life to live, give or take a few years. If you have a family with kids, you might want to think about getting a financial plan that would support your family in case of death.
When you retire from your work or your business, you will have to live off your savings for the rest of your life. For example, if you are female and you retire at 60, you can expect to live 11 more years on the average. Will your funds be enough for your hospital bills, medicine, and day-to-day expenses? If you expect to have monthly expenses of P100,000 when you reach age 60, then your fund must be at least P13.2 Million (P100,000.00 per month * 12 months per year * 11 years). If you live longer, your fund must be bigger. Moreover, the you also have to factor in the inflation rate.
So what do you think, dear readers? Are you ready for the rest of your life? Please leave your comments below.