Life Expectancy is rising
News was slow over the Christmas period but when the Pensions Minister, Steve Webb, issued a statement to say that 17% of the current UK population would reach the age of 100 the press made the most of it. Headlines included – over 10 million centenarians but it was not made clear that this would take many years to happen.
This really should not have come as a shock, life expectancy has been rising for many years but the change will not happen quickly. At the present time the 100+ population of the UK is very small. Only 11,800 people in 2010 received a telegram from the Queen but in 1984 it was just 3,300. In 2021 this figure is predicted to rise to 26,000, in 2035 97,300 and in 2080 627,000 with at least 21,000 of those will be aged at least 110.
Figures also suggest that around 3m of today’s under 16s will reach 100 and 5.5m of those aged 16-50. Only about 12% of today’s 51-65 years old will achieve a three figure age.
As National Statistics says in its latest edition of ‘Population Trends’, ‘The major contributor to the rising number of centenarians is increased survival between the ages of 80 and 100, owing to an overall improvement in medical treatment, housing, living standards and nutrition’.
As none of as know how long we are going to live the question is – What are the implications of outliving my money and what are the implications of my money outliving me? Financial planning and Estate planning is essential and should not be put off until its too late