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Life expectancy explained
Are you prepared for a long retirement?
It’s a fact that thanks to improvements in healthcare many of us are now living longer. A longer life means a longer and probably more active retirement.
How long could you be retired?
Today, the average man retiring at age 65 can expect to live for another 19 years – the average 65 year old woman can expect to live for 22 years more.
If you’re lucky, and healthy, you could live in retirement for 25 years or more.
Source: www.pensionspolicyinstitute.org.uk
What does this mean financially?
Living longer could have a significant financial implication for your retirement income:
- You might need a larger pension fund – the longer you live, the more inflation will affect the purchasing power of your pension income. Having a larger pension fund gives you a pension income that stands a better chance of keeping up with inflation
- You may live longer in poor health – if you do, you may have to pay for expensive long term care costs.
About pensions
They're the cornerstone of every retirement plan. Find out about stakeholder pensions, personal pensions and self invested personal pensions.
Inflation explained
Inflation can seriously erode the value of your pension fund, and your retirement income.