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More than two thirds (69 per cent) of UK adults believe retiring in your 60s will become a ‘thing of the past’, according to a survey from Canada Life.
The report focused on different aspects of life that would be affected by increasing longevity, noting that, in the UK, the cohort of those aged 65 and above is expected to grow by just under 40 per cent between 2023 and 2050.
During the same period, this growth may increase to 90 per cent for those aged 80 and above, according to figures from the Office for National Statistics (ONS), with a 200 per cent rise also expected in the number of centenarians.
However, Canada Life’s research found that while almost half (47 per cent) of UK adults feel positive about living to 100, around three-quarters (74 per cent) agreed that if they did, they would worry about their quality of life.
More than two-thirds (60 percent) of UK Adults also worried that retiring in your 60s could become a ‘thing of the past’ as a consequence of living longer, with just a quarter (25 per cent) disagreeing that living longer means that we should work longer.
Canada Life’s research also indicated that people are not discussing the potential implications of living longer with their family or loved ones, including what it might mean for care and inheritance plans - as just under half (49 per cent) of the UK population have discussed their intentions.
However, despite concerns about living standards, people still want to live a long life. The median ideal age people want to live to is 90.
Canada Life’s CEO, Lindsey Rix-Broom, commented: “The prospect of a longer life should fill us with optimism. We can easily imagine people pursuing life with a sense of purpose, guiding younger generations and nurturing fulfilling relationships with loved ones.
"At the same time, we need to be realistic about how we approach improved longevity from both a financial and practical perspective, especially if it’s unexpected.
“The solution begins with a conversation involving us all – our customers and clients, financial professionals, the wider industry, and even policymakers at the highest levels of government.”
If you want a better view of what your future could be, we'll have a chat over a cup of coffee in our Durham office and work out if we can add any value to your financial picture.
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