Actuaries Longevity Illustrator Updated

The Academy and the Society of Actuaries (SOA) have updated the jointly developed Actuaries Longevity Illustrator, a web-based tool that allows users to quickly generate an estimate of how long they might live in a few simple steps. The illustrator does not provide financial advice, but results can be useful for individuals or couples for retirement planning purposes, and to retirement advisers. The language has been clarified to help users effectively use and understand its results, and back-end data and methodologies used to calculate results have been updated. The back-end mortality tables used to generate the illustrator’s results have been updated from Social Security’s 2010 to 2016 tables, and the mortality improvement scale has been updated from SOA MP-2015 to MP-2018. Improvements also have been made to the factors used to adjust for smoking and health status.