Planning for the future as life expectancy nears 100

Neil Wilson of True Bearing

Recently, I read “The 100 Year Life” by Gratton and Scott, two UK academics. It’s a thought-provoking read.

My children are still in education but with rising life expectancy, their lifespan could be very long indeed.

For children born in the Western world today, there is more than a 50 percent chance of living to be over 105. A century ago, the chance was less than one percent.

If you are now 20 you have a 50 per cent chance of living to 100. If you are 40 you have an even chance of reaching 95.

A child born today is likely to work into their mid-70s, and possibly beyond.

The historical three-stage life of education, work, retirement is changing and will continue to do so.

How do you plan for such a long lifespan?

That’s the big question. Without realising it, we are used to thinking of life in three stages.

Growing up and education to about the age of 20; then working to 60-65; then retiring and enjoying our free time, until frailty impacts our activity and ultimately our death.

Our time in this last stage is changing compared to our parents and grandparents.

We are expecting to live many years beyond our retirement compared to previous generations.

However, pensions were only ever meant to pay out for 10-15 years. As we saved through 40 years or more of our working life, it was achievable to fund our initial expectations of retirement.

So how do we fund another 40 further years beyond work; our longer-than-expected years of retirement?

Reality shows that many of today’s 60- to 80-year-olds are not retiring.

Many continue to work, often part-time. They sell the skills they have built over the years and enjoy the best of both worlds.

Flexible pensions allow them to take a smaller part of their pension and add earned income.

They enjoy the sense of purpose of continued working, the social interaction with business colleagues, a satisfactory income, and yet still have some time to relax.

This is the new world of our older generation today. They need professional financial planning assistance to get this programme in motion.

Once you have drawn down even a small part of your retirement pension, shouldn’t you be able to top up your pension pot again?

Well, depending on the structure, and subject to certain conditions and limits, you can.

In my role as an independent financial planner I am often discussing goals and aspirations with those who are preparing for retirement, and are aware that they need to start planning before it is too late.

But, just as important, are the conversations with younger individuals, including those who are at an early stage in their careers, who realise that it is never too early to start planning for the future, and also more necessary than ever before.

Enjoyed this? Read more from Neil Wilson, True Bearing

Latest news

1

Major shareholder makes Inspired takeover bid inspired-500x500.png

Major shareholder makes Inspired takeover bid

23 Apr 2025

2

Nominate your favourite / top family business in Lancashire Thompsons meeting (1).png.png

Nominate your favourite / top family business in Lancashire

22 Apr 2025

3

Business academies to continue for an additional year Cllr Mark Smith (r) with Top Gun Tools & Fixings team presenting Blackpool Net Zero Academy certificate

Business academies to continue for an additional year

22 Apr 2025

4

Napthens advises A Lamb Associates (ALA) and subsidiary Morham & Brotchie Partnership on their acquisition by Hawkins & Associates Richard Robinson Feat IMG

Napthens advises A Lamb Associates (ALA) and subsidiary Morham & Brotchie Partnership on their acquisition by Hawkins & Associates

22 Apr 2025

5

Six promotions at Farleys Solicitors Promotions at Farleys Solicitors

Six promotions at Farleys Solicitors

22 Apr 2025

Pc Prestonmacan Gif980x120 March
Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV122 May/June Launch Event
121 Lancashire Business View Magazine Launch
Networking
21 May 2025

LBV122 May/June Launch Event

Lancaster and Morecambe College, Lancaster, LA1 2TY

08:30 - 10:30

Sub36 Networking
Networking
11 Jun 2025

Sub36 Networking

British Jewellery School, Scorton, PR3 1BA

15:00 - 17:00

Lancashire Net Zero Carbon Conference
Net Zero Carbon Social 1200px 2
Networking
18 Jun 2025

Lancashire Net Zero Carbon Conference

Crow Wood Hotel & Spa Resort, Burnley, BB12 0RT

08:30 - 13:00

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
02 Apr 2025 - 08 Oct 2025

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 15:30

Pure Leisure Group to Host Job Fair as Part of Recruitment Drive
sllv ext 66.jpg.jpg
LBV Hub Exhibitions
23 Apr 2025 - 23 Apr 2025

Pure Leisure Group to Host Job Fair as Part of Recruitment Drive

South Lakeland Leisure Village, Carnforth, LA5 9RN

09:00 - 17:00

The Business Network Central & East Lancashire
LBV Hub Networking
24 Apr 2025 - 24 Apr 2025

The Business Network Central & East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

Preston Freelancer Meet-Up: April
1.png.png
LBV Hub Networking
25 Apr 2025 - 25 Apr 2025

Preston Freelancer Meet-Up: April

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

People Power: Exclusive Event Series
Stay ahead in 2025.jpg.jpg
LBV Hub Seminars
29 Apr 2025 - 29 Apr 2025

People Power: Exclusive Event Series

People's History Museum, Manchester, M3 3ER

17:00 - 21:00

Planning for the future + navigating Inheritance Tax changes
Planning for the future + navigating Inheritance Tax changes for website.png.png
LBV Hub Seminars
01 May 2025 - 01 May 2025

Planning for the future + navigating Inheritance Tax changes

Stanley House Hotel, Mellor, Blackburn, BB2 7NP, Blackburn, BB2 7NP

08:00 - 10:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more Lbv121 Online Graphic
Subscribe now

Weekly news bulletin