One man has shared his fears about living longer as new reports show the number of people living past 100 is set to rise by 200 per cent in the next 20 years.
Canada Life’s inaugural Life100+ report, exploring the impacts of increasing longevity, shows that while 47 per cent feel positive about living to 100, a significant 26 per cent view it negatively.
The UK’s over-65 population is expected to grow by nearly 40 per cent between 2023 and 2050, with a staggering 200 per cent rise in centenarians.
Despite potential benefits like seeing families grow, many express concerns about health issues, poor quality of life, and financial instability. As one respondent in the report bluntly put it: “I don’t want to be bored, skint and sick.”
Jonathan Pryce, a 46-year-old school teacher, shared his concerns about living longer with GB News. He echoed the fears above explaining he would not want to be a financial burden to his family which could come about if he had health issues.
He said: “I would be scared of becoming a burden to my family if my health was such that I could not be self-sufficient.
“I would be scared of having to spend the money that I would hope to leave to my family, on myself if I had to pay for a care home or other health-related costs.
Pryce acknowledges the need for better planning as people live longer
JonathanPryce
“I am also scared of becoming a financial burden on my family if I do not have sufficient funds to be financially comfortable in later life.”
Despite his optimism about retirement in general, Pryce acknowledges the need for better planning as people live longer. When discussing health care costs he said: “I should really start planning as friends and colleagues do tell me that it creeps upon you quicker than you think.
“My wife’s grandmother lived to be 103 and she was a real inspiration to us all as she was financially stable, but she had to use some of her savings to pay for her care.
“I should start thinking about whether I may need to do the same and bear that in mind when making my long-term plans.”
This sentiment echoes the broader concerns highlighted in the Canada Life report about healthcare costs and financial preparedness for extended longevity.
Some 75 per cent worry about health issues, while 59 per cent fear poor quality of life. Loss of independence troubles 56 per cent, and isolation concerns 41 per cent of people. Financial anxiety looms large, with 35 per cent fearing their money will run out.
The report also highlights that those in their 50s and early 60s view retirement with “both pleasure and trepidation”. Their hopes for an enjoyable longer life are tempered by anxiety about financing their future.
One respondent in the report candidly stated: “In my head, if I live to 85, I would feel that I’ve done alright. If I got to 100, if I had a good quality of life, that would be great. I don’t want to be 100 years old and just there.”
Despite the fears of living longer, there are also many benefits. Pryce explained that he is very much an optimist and is looking forward to having more time to do the things that he enjoys that he may not have been able to do while working full-time.
He is very family-oriented and would hope to be able to spend more time with them and help out with childcare when necessary. He acknowledged that not everyone is fortunate enough to have good health in later life, but is a firm believer in the NHS and believes that they can cater for his needs in retirement.
The 46-year-old expects his retirement age to be 67 and is on track for the full state pension as there are no gaps in his national insurance contributions.
The Canda Life report suggests that traditional retirement ages may become obsolete, with 69 per cent of people agreeing that “Retiring in your sixties will become a thing of the past”.
With life expectancy rising, individuals must start saving for retirement much earlier to avoid running out of money in later years. This shift underscores the urgency of adapting retirement strategies to accommodate potentially longer lifespans.
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Pryce added: “If I have more expendable income in the future, I would consider paying in more into my pension contributions. It is one of the best ways to get a good return on your investment and would be beneficial if I live longer.”
Experts stress the need for better financial education and planning. Understanding the link between pension pot size and potential income is crucial.
Canada Life’s research suggests that a pension pot of £300,000 or more will be needed to generate an annual income of £20,000, highlighting the importance of early financial planning to achieve this pot.
The latest PLSA figures show that a single person will need: £14,400 per year for a minimum retirement, £31,300 per year for a moderate retirement and £43,100 per year for a comfortable retirement.
