I’m probably going to die (soon).

Hi Barefoot,

I’m facing a dilemma: whether to retire now or to keep grinding. I am 66 and my husband is 68 -- he retired some years ago -- and we have about $1 million in superannuation. Our home is worth around $450,000, no mortgage, but the house is pretty run down and needs some major renovation work. I had a mild heart attack six years ago. Although I do try to look after my health, I cannot change my DNA. My mother died of heart attack at age 68, but my father lived to 87. What would you do?

Pam

Hi Pam,

If you want to work out the odds of when you’ll meet your maker, fill out the (free) in-depth questionnaire at www.mylongevity.com.au. It’s similar to what actuaries at insurance companies use.

Whatever the website spits out at you, I wouldn’t advise betting on living until you’re 68. That’s only two years away -- though it would certainly make your financial planning much easier, and a lot more fun!

I’d plan on living until you’re 100. The worst thing that could happen is that you die early, with too much money. Either way, you’ve already saved up enough money to enjoy a comfortable retirement -- around $65,000 a year (indexed to inflation), which should last you until 100 (if you live that long!). If you want to be really conservative, you could work a few more years to pay for the renovations. But I’d say you’re sitting pretty.

Scott