Will you live to 100?
Anderson Brown Gollogly: October 2011
It has long been accepted that improvements in medicine, lifestyle and an understanding of the effects that habits such as smoking can have on our health, means that life expectancy is increasing. Future generations are set to enjoy much longer and healthier lives than their predecessors.
However, new figures from the Department of Work & Pensions* now illustrates exactly what this means. They suggest that, of the under 16s already alive today, over a quarter are going to reach the age of 100 – and already, the average new-born female is going to live to over 90.
Another life in retirement
As Steve Webb, Minister for Pensions, has already commented, this means that millions of people will spend over a third of their life in retirement. However, as the DWP were quick to point out, this news also coincides with a period during which pension savings are in decline.
An ageing population is putting our welfare system under significant pressure as more people need not only pension income but also healthcare, incapacity support and help within the home. You cannot therefore expect your State Pension to provide anything other than a safety cushion. If your retirement plans include holidays, regular visits to friends and relatives, also treating yourself occasionally, then its time to take control of your savings and start building up a retirement fund of your own.
Take charge
Retirement planning is a broad term and covers everything from workplace savings and pension plans to tax efficient savings and investment portfolios. The best plan for each person can therefore vary as widely as the circumstances which you are in.
At Anderson Brown & Gollogly, we take a comprehensive look at your lifestyle and make recommendations based on what is best for you. We can undertake a full review of existing plans or, indeed, if all you want to do is have an initial chat through your options, we can help with that as well.
For more information, please give us a call on 01947 600057 or email us at info@abgifa.co.uk. Alternatively visit our website www.abgifa.co.uk
We look forward to being of help.
* Source: Department of Work & Pensions, ‘Number of future centenarians’ published 18 April 2011.
The Opinions expressed in this article are those of the author and do not necessarily reflect those of The Whitby Advertiser