The latest population statistics released by the Office for National Statistics (ONS) show that the number of people in their nineties continues to grow. And this trend is raising serious concerns over whether traditional views of retirement are still fit for purpose.
Figures from ONS show that the total number of people aged 90 and over rose to 584,024 in 2018 – an increase of 0.7% from the previous year. This continues the trend towards an increasingly ageing population which has been driven by a combination of medical advances and improvements in public health.
Implications for retirement
While greater longevity is clearly welcome news, the fact that so many people now live 30 or so years beyond traditional retirement age does have financial implications and is inevitably changing people’s expectations for later life. Indeed, we are already seeing people withdraw more gradually from work as retirees find an optimum work-life balance that accommodates their personal needs.
A further complication is that, as the population ages, people are increasingly living more of their lives in a relatively poor state of health. Consequently, there is a greater chance of people requiring some form of care, which again has significant financial implications.
Planning increasingly essential
As a result of these trends, it has never been more important for people to set targets and ensure they have sufficient financial provision to cater for all of their retirement needs. And, as retirement planning is never a case of ‘one size fits all’, it is increasingly vital to obtain sound professional advice that can be tailored to your individual needs.