It is undeniable that we are living longer.
In the UK, according to Office for National Statistics (ONS) figures published in early 2024, the group aged 65 and above is expected to grow by almost 40% between 2023 and 2050. This growth may increase to 90% for those aged 80 and above. We can also expect to see a 200% rise in the number of those living to 100 years of age.
New data from Canada Life (the Life100+ report) shows that we expect to live to age 85. However, regardless of what ‘living longer’ means (considering the practical, emotional, and financial aspects of longevity) the ideal age we would like to live to is 90.
The research shows that whilst almost half (47%) of UK adults feel positive about the prospect of celebrating their 100th birthday, almost three-quarters (74%) agreed that should they live to 100, they would worry about their quality of life.
One thing is certain – we will need to rethink how we plan for later life. This research shows that some (people) are accepting of this however, they aren’t taking the necessary steps now to prepare for living longer. Whilst more than two-thirds (69%) believe retiring in our sixties will become a thing of the past, just a quarter (25%) disagree that living longer means that we should work longer.
The research also indicates that not enough people are discussing the potential implications of living longer with their loved ones, including what it could mean for care and inheritance plans. Just half (49%) of those asked have discussed these intentions.
“Our concept of retirement will no doubt change over time. I believe the notion of packing up your desk at age 65, collecting the carriage clock, and sailing off into the sunset is already sounding dated” says Andrew Haley, chartered financial planner
“Future generations may need to be more flexible about retirement. Having a purpose beyond the 9 to 5 is incredibly valuable and, in my experience, what people really want are options.
Being on solid financial ground can offer us the ability to gradually phase out of one job, pick up something part-time, have a career change or support a charity/cause that is close to our heart. We don’t need to stress about a cliff-edge retirement.
Granted, it might be that we all need to work a little longer as a result of increasing longevity and greater financial pressures, but to give yourself greater flexibility around how that looks, it is important to make a plan and get started sooner rather than later. The actions taken today can offer you greater freedom for the future”
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This research forms the foundation of Canada Life’s new Life100+ report. Based on in-depth research, the report uncovers the aspirations of people across the UK as they plan for later life, as well as for the here and now. To download the report, visit [Link to report].
