Ready for ageing?

Kevin Burge

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A recent House of Lords study has produced a raft of statistics which show that the population of the UK is only heading one way and that is up.

Apparently the number of people aged over 85 will double between 2010 and 2030; the life expectancy for a man born in 2011 will be 93.8 and for a woman 96.7. Perhaps more worryingly the number of people with 3 or more long term health issues will rise by 50% between 2010 and 2018 coupled with a £54 billion projected shortfall in NHS funding by 2021.

Now of course another study could refute this and come up with what is, at the end of the day, just assumptions. However I think that most would agree that ageing is a real issue on many fronts not least of which is having enough money to enjoy retirement and not endure it.

The majority of people, I am sure, would want to live as long as possible but having the means to enjoy a long retirement is paramount (along with good health of course).

Sadly pension provision has been in decline and it is now time to address this and embrace auto enrolment as a start (and only a start) on the road of pension recuperation.

Medicine is never nice but these statistics show that people must save for the future and the pension pill needs to be taken now before it is too late.

Kevin Burge

Post by Kevin Burge

An experienced pension consultant with specific expertise in Scheme terminations - PPF, FAS transfer and winding up.