What lessons can we glean from India Life Expectancy 1950 – 2024? How do Life Expectancy and Health Expectancy influence our retirement goal planning?
When it comes to planning for retirement, there are several key factors to consider. These include your current age, the age at which you plan to retire, your life expectancy, the monthly expenses you’ll need to cover during retirement, the impact of inflation, the assets you want to allocate towards your retirement goal, the expected returns from different types of investments, and the asset allocation strategy you want to implement. By taking all of these data points into account, you can create a comprehensive retirement plan that suits your needs and helps you achieve your financial goals.
It’s crucial to consider two key factors that greatly influence your future: your retirement age and your life expectancy. Understanding the India Life Expectancy from 1950 to 2024, as well as your health expectancy, holds the utmost significance.
It’s common knowledge that people are familiar with life expectancy, but not many are aware of health expectancy. Let’s take a closer look at these two important pieces of historical data.
India Life Expectancy 1950-2024
The term life expectancy pertains to the average duration of life that individuals of a specific age can expect. This calculation considers past and current mortality rates within the same age group. It is worth mentioning that life expectancy can vary based on factors like gender, age, ethnicity, and geographical location.
Your retirement planning is greatly influenced by life expectancy as it provides insight into the duration you’ll have to financially support yourself after retiring. If you surpass the average life expectancy, you’ll require additional funds to cover expenses and sustain your desired lifestyle. Conversely, if you fall short of the average life expectancy, you may not need as much money, but you’ll also have a limited time to relish your retirement years.
Several key factors can have a significant impact on your life expectancy and retirement planning. Let’s take a closer look at each of them:
- Health and lifestyle choices: Your habits and choices play a crucial role in determining your life expectancy. Smoking, excessive drinking, obesity, and chronic diseases can all decrease your lifespan and increase your medical expenses. Conversely, regular exercise, a healthy diet, and staying mentally active can improve your overall well-being and increase your chances of living a longer, healthier life.
- Family history and genetics: Some diseases and conditions have a genetic component and tend to run in families. This means that your family history can influence your life expectancy. Additionally, you may inherit certain genes that can either increase or decrease your likelihood of living longer than the average person. It’s important to be aware of your family’s medical history and take appropriate measures to manage any potential risks.
- Income and savings: Your financial situation can also impact your life expectancy and retirement planning. Having a higher income and more savings can provide you with better access to healthcare, proper nutrition, and improved living conditions, all of which can contribute to a longer life. However, it’s important to note that having more money also means you’ll need to save more to sustain your desired lifestyle during retirement.
- Expected inflation and return on investment: Inflation refers to the gradual increase in the prices of goods and services over time. This means that the cost of living will likely rise during your retirement years. On the other hand, return on investment refers to the profit or loss you make from your investments. Both of these factors are crucial when calculating your retirement needs. It’s important to plan for a realistic inflation rate and consider a conservative return on investment to ensure you have enough funds to support your retirement lifestyle.
- Desired retirement age and income: Your personal choices regarding when you want to retire and the income you wish to have during retirement are important factors to consider. These decisions should be based on your individual goals, preferences, and circumstances. Take into account your current and future expenses, your health and life expectancy, as well as your potential sources of income such as pensions, social security, and investments.
Let me now share the India Life Expectancy 1950-2024.
| India Life Expectancy 1950-2024 (www.basunivesh.com) |
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| Year | Life Expectancy (Age) | Life Expectancy Male | Life Expectancy Female |
| 1950 | 41.72 | 42.6 | 40.8 |
| 1951 | 41.74 | 42.63 | 40.8 |
| 1952 | 42.04 | 42.91 | 41.12 |
| 1953 | 42.21 | 43.03 | 41.33 |
| 1954 | 42.95 | 43.74 | 42.12 |
| 1955 | 43.39 | 44.13 | 42.59 |
| 1956 | 43.76 | 44.47 | 43 |
| 1957 | 44.06 | 44.76 | 43.31 |
| 1958 | 44.42 | 45.1 | 43.7 |
| 1959 | 44.89 | 45.56 | 44.17 |
| 1960 | 45.22 | 45.88 | 44.51 |
| 1961 | 45.4 | 46.06 | 44.7 |
| 1962 | 45.66 | 46.31 | 44.96 |
| 1963 | 45.94 | 46.58 | 45.25 |
| 1964 | 46.18 | 46.82 | 45.5 |
| 1965 | 44.98 | 45.56 | 44.36 |
| 1966 | 45.33 | 45.9 | 44.73 |
| 1967 | 45.67 | 46.23 | 45.08 |
| 1968 | 47.47 | 48.07 | 46.84 |
| 1969 | 47.86 | 48.46 | 47.22 |
| 1970 | 48.24 | 48.85 | 47.59 |
| 1971 | 48.63 | 49.28 | 47.94 |
| 1972 | 49.03 | 49.69 | 48.31 |
| 1973 | 49.54 | 50.22 | 48.81 |
| 1974 | 50.24 | 50.91 | 49.53 |
| 1975 | 50.81 | 51.42 | 50.16 |
| 1976 | 51.39 | 51.88 | 50.85 |
| 1977 | 51.91 | 52.27 | 51.51 |
| 1978 | 52.49 | 52.71 | 52.26 |
| 1979 | 53.06 | 53.14 | 52.99 |
| 1980 | 53.61 | 53.55 | 53.7 |
| 1981 | 54.17 | 53.99 | 54.4 |
| 1982 | 54.73 | 54.45 | 55.07 |
| 1983 | 55.28 | 54.91 | 55.71 |
| 1984 | 55.82 | 55.39 | 56.32 |
| 1985 | 56.33 | 55.85 | 56.9 |
| 1986 | 56.84 | 56.3 | 57.46 |
| 1987 | 57.31 | 56.73 | 58 |
| 1988 | 57.78 | 57.11 | 58.55 |
| 1989 | 58.23 | 57.51 | 59.06 |
| 1990 | 58.65 | 57.88 | 59.54 |
| 1991 | 59.05 | 58.26 | 59.96 |
| 1992 | 59.45 | 58.66 | 60.34 |
| 1993 | 59.82 | 59.05 | 60.65 |
| 1994 | 60.22 | 59.48 | 61.01 |
| 1995 | 60.6 | 59.89 | 61.35 |
| 1996 | 60.98 | 60.28 | 61.73 |
| 1997 | 61.39 | 60.67 | 62.15 |
| 1998 | 61.79 | 61.03 | 62.59 |
| 1999 | 62.21 | 61.35 | 63.11 |
| 2000 | 62.67 | 61.75 | 63.64 |
| 2001 | 63.09 | 62.11 | 64.13 |
| 2002 | 63.62 | 62.57 | 64.73 |
| 2003 | 64.09 | 62.98 | 65.29 |
| 2004 | 64.52 | 63.31 | 65.83 |
| 2005 | 65 | 63.72 | 66.38 |
| 2006 | 65.41 | 64.05 | 66.89 |
| 2007 | 65.79 | 64.37 | 67.34 |
| 2008 | 66.15 | 64.65 | 67.79 |
| 2009 | 66.51 | 64.96 | 68.22 |
| 2010 | 66.91 | 65.33 | 68.64 |
| 2011 | 67.36 | 65.77 | 69.11 |
| 2012 | 67.89 | 66.32 | 69.59 |
| 2013 | 68.46 | 66.96 | 70.08 |
| 2014 | 69.07 | 67.65 | 70.6 |
| 2015 | 69.64 | 68.28 | 71.08 |
| 2016 | 70.12 | 68.81 | 71.5 |
| 2017 | 70.47 | 69.16 | 71.86 |
| 2018 | 70.71 | 69.37 | 72.14 |
| 2019 | 70.91 | 69.53 | 72.4 |
| 2020 | 70.15 | 68.61 | 71.82 |
| 2021 | 67.24 | 65.76 | 68.89 |
| 2022 | 67.74 | 66.26 | 69.38 |
| 2023 | 72.03 | 70.52 | 73.65 |
| 2024 | 72.29 | 70.75 | 73.94 |
Now if the same uptrend continues for us, then-
- Life expectancy in 2034 (10 Yrs from now) will be 74.6407 (Men – 72.8661 and Women – 76.5627)
- Life expectancy in 2044 (20 Yrs from now) will be 76.6967 (Men – 74.8323 and Women – 78.7122)
- Life expectancy in 2054 (30 Yrs from now) will be 78.6179 (Men – 76.8042 and Women – 80.5648)
- Life expectancy in 2064 (40 Yrs from now) will be 80.4218 (Men – 78.7562 and Women – 82.1954)
- Life expectancy in 2074 (50 Yrs from now) will be 82.1501 (Men – 80.7137 and Women – 83.6681)
- Life expectancy in 2084 (60 Yrs from now) will be 83.7469 (Men – 82.5516 and Women – 85.0021)
Considering all these factors, if you assume your life expectancy is below 80 years, then your retirement life is at high risk. Also, notice one factor that women’s life expectancy is higher than men’s. Hence, if you factor this into your retirement plan that your retirement corpus should last long for your wife, then you better consider around 85 years of life expectancy.
Healthy Life Expectancy from 2000 to 2019
One more data point that many of us miss is to arrive at what is your healthy life expectancy. In simple, healthy life expectancy means the average number of years that a person can expect to live in “full health” from birth.
Healthy life expectancy, also referred to as health-adjusted life expectancy or HALE, represents the average duration of a person’s life where they can enjoy optimal health, free from any disabilities or illnesses that hinder their daily activities. This measure is derived by subtracting the years spent in poor health from the total life expectancy at birth.
The significance of this data in retirement planning lies in its ability to determine our retirement age. However, it is not only a healthy body that supports our working life; our competence in the industry also plays a crucial role. Being physically fit is beneficial, but if we lack the necessary skills to thrive in our profession, a healthy lifestyle may not be advantageous.
Therefore, when deciding the age at which you plan to retire, it is crucial to take into account various factors such as your overall health, the data on health expectancy, your professional expertise, the average retirement age within your industry, and your ability to prolong retirement through unique skills.
According to WHO, in 2000, the health expectancy was 52.9 years, in 2010, the health expectancy was 57.3 years and in 2019, the health expectancy was 60.3 years. Notice that health expectancy increased from 52.9 years to 60.3 years in around 20 years period (growth of 13%).
But it does not mean that we have to consider our retirement age as 60 years for our retirement calculations. As I previously mentioned, factors such as health expectancy and the industry we work in play a significant role in determining when we should retire. Therefore, if you’re employed in the private sector, it would be wise to consider retiring at 50 or 55 years old instead of the typical government employee retirement age of 60 years.
Attention: Please be aware that the aforementioned information represents the AVERAGE data. It may not be directly applicable to your specific situation. There is a possibility that your circumstances may fall on either end of the spectrum. Therefore, what truly matters in terms of delaying your retirement (to alleviate strain on your retirement savings or depend on your retirement fund) is your overall health, the health habits you adopt, and the support provided by your industry. It is advisable to take a cautious approach when determining your retirement age and life expectancy as you plan for your retirement goal.
