We’re living longer, but we can’t afford to!

Research by Scottish Widows shows that the average Brit expects to live to 82 years of age while one in five of us (19%) expects to live only as long as our grandparents did. Fortunately we’re wrong. Lifespans have increased by 11 years across three generations and the average Brit now shuffles off this mortal coil at 87 years. One in ten will live to 100.

But longevity brings its own challenges. If the expectation is to retire at 65 then retirement lasts 22 years, 30% longer than typically planned for. That means that the average Brit has to put aside £340,000 in retirement savings.

One in 10 people over 50 do not know how to fund their retirement income and 28% fear they’ve insufficient funds to tide them over. One response is to work longer. 12% of people over 50 expect to work past the age of 65, while 9% say they need to save more, and 15% say they have to budget their retirement savings better.

So if you want to enjoy the gift of longevity, the options are to work longer, save more or plan better. It’s never too late to save more. click here to find the right DIY investment platform or the right robo for your circumstances.

Photo by Tiago Muraro on Unsplash

Article is accurate at date of writing.