If the balance sheet calculation uses actuarial net present value for retirement expense goals (incorporating life expectancy), doesn’t that mean half the population will live longer than the plann...

Using an ANPV calculation could result in an underestimate or overestimate of expenses (and income) based on the actual mortality experience of the individual versus the population average. However, leveraging ANPV for these calculations is considered an acceptable and appropriate method by experts in this area, specifically those in the insurance and pension industries.