Retirement Statistics to Ponder

I went to “TRIPS” today, The Retirement Income Planning Seminar, held at the London Transport Museum in Covent Garden, to hear from a number of leading Pension, Annuity and Income Drawdown providers about the challenges facing those at retirement and the more innovative income solutions that are emerging.

For me the most interesting speaker was Jan Holt from Redhill based Annuity specialist provider Just Retirement who revealed some incredible numbers regarding life expectancy and the demographics of the UK population:

A 65 year old male now has an average 19 years to live. In leafy Surrey and Sunny Sussex however that extends to 21 years. A female at 65 has 21 years on average, rising to 24 in the affluent South East. By 2034 the number of people in the UK aged 85 or more is forecast to exceed 3.5 million, a huge increase from the already impressive 1.4 million.

In 1917 King George VI sent 24 messages of congratulations to Brits reaching 100 years of age. In 1954 the newly crowned Queen Elizabeth II sent 255, but this rose steadily to 8,439 in 2007 and a lofty 12,640. It is forecast that in 2034 our Monarch will be sending telegrams (probably a text by then) to 87,900 centenarians!

The numbers are astonishing and of course pleasing in many ways, but decisions made around Pensions and other income generating investments from age 55 onwards, usually 60-65 will have repercussions for decades to follow.

What a compelling reason to seek truly impartial Independent Financial Advice and expertise, in order to make informed choices at the right time.

If you wish to discuss imminent retirement, fully understand your future options, or review investment decisions already made, please contact us for a complementary initial meeting with experienced Retirement Specialist IFA Mark Cooper.