Getting older and thinking about life in your old age is, understandably, a topic that most of us don’t like to ponder too frequently, but Life Planning is becoming an increasingly important consideration as the UK population continues to age and life expectancy increases.
Fact is, more of us are living longer, which has been underlined by a recent survey entitled ‘Later Life in the United Kingdom’… It was commissioned by Age Concern and has revealed some startling information:
- 60+ By 2030 the number of people aged 60 or over is expected to pass 20 million
- 65+ In the next 17 years the number of people aged over 65 is projected to rise by nearly 50%
- 75+ The population over 75 is projected to double in the next 30 years
- 85+ The number of people over 85 is predicted to more than double in the next 20 years, and
- 100+ The number of centenarians in the UK has grown by 73% over the last decade.
The report also highlights that life expectancies are rising and people are living longer:
- Nearly one in five people currently in the UK will live to see their 100th birthday; and
- People currently aged 75 can expect to live an average of 13.0 years if they are female and 11.2 years if male.
You may want to sit and mull this information over with a cup of coffee and ask yourself how this life expectancy boost is likely to affect you based on Age Concern’s analysis.
As Chartered Financial Planners, The Financial Planning Group work with our clients in an ongoing relationship, to ensure their retirement aspirations are kept on track — if you would like to speak to us about your own financial situation or retirement planning options, please call us on 0800 731 7614 or by e-mail at firstname.lastname@example.org and we’d be delighted to help.