Submitted by: Gordon Woo -- RMS LifeRisks
Gordon Woo is a longevity analyst with RMS LifeRisks, researching the cognitive, psychological and social drivers of human survival.
Anyone thinking of buying an annuity needs to have a good reason. Some shrewd financial advisors may argue they have better ways of managing your assets. But few financial advisors would ask the very personal question: ‘What is your reason for living?’ This is a simple yet crucial question, because your reason for living could be your best reason for buying an annuity. Having a strong sense of purpose in life is a key driver of longevity. It is such an important concept for the long-lived Japanese, they have a special word for it: ikigai. It is a basic source of individual well-being and resilience against illness and disease.
Furthermore, your reason for living may be your extended family, providing essential physical and emotional support in old age. One of the world’s greatest medical scientists, Craig Venter, who won the race to sequence the human genome, recognizes that there is a higher complexity to a human life than being a combination of living cells: survival can depend on positive thinking, remaining upbeat and optimistic. So even if you are physically frail, with a number of health deficits, you will have a longer way to go in life if you have a good reason for living, and benefit from an annuity that much longer.
