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Working longer

With the Queen turning 90 and still working it brought into relief for Enable’s IFA’s in Bishops Stortford what it might be like for all of us in the not too distant future. By coincidence the Office for National Statistics also published some new figures in the same week about the “very old”.

In 2014 there were more than 500,000 people aged 90 and over in the UK. Thirty years ago, 2% of the population was over 90. In 2014 it was 5%. This pattern is very much the same across the developed world and longevity is most marked in Japan, followed by Italy and France.

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But these figures might capture only half the story if current 20-year-olds can expect to live until they are 105. If you are one of the twenty somethings who can expect to live until you are 100, when will you be able to retire? If you put away 10% of your earnings into a pension and expect to live on 50% of your final salary, the answer is that you will have to work into your early 80s.

Many have got used to the idea that European populations are greying, with the balance shifting between those of working age to those who have retired. But living so long requires a fundamental rethink of the way we organise our lives, our finances and how we order our societies. In the first instance it simply means that people are going to have to work longer – a lot longer, in fact. If you are happy to work longer all is well if you want to secure your pension there is not time like the present.

Source : The Guardian

Issued by: Enable Independent Financial Life Planners • 
25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
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