Just Group: High life expectancy makes financial planning paramount

Michael Lloyd

December 11, 2019

later life

With overall life expectancy at age 65 at its highest, people to make financial plans that consider all possibilities, Just Group has claimed.

ONS data shows that overall life expectancy at age 65 in the constituent countries of the UK is at its highest ever level for both men and women.

The most likely age of death, the modal age, is about seven years later than the average age of death.

Ignoring future improvements, the most likely age of death for a man was 86.6 compared to an average age of death of 79.3. For women the most likely age of death was 89.1 compared to an average age of death of 82.9.

Stephen Lowe, group communications director at Just Group, said: “The question of whether a 65-year-old can expect to live more of their lives in reasonable health depends on their gender and where they live.

“For men, improvements in health life expectancy are outstripping gains in life expectancy in England and Wales but not in Northern Ireland or Scotland.

“Women in England, Wales and Northern Ireland are living more healthy years, but not in Scotland.

“For individuals, life expectancy may be interesting but is not a good figure to anchor on given the range of possible outcomes that might apply to their unique case.

“Some people die before you would expect while others survive far beyond average life expectancy.

“We don’t know which group we will fall into, so it is important to make financial plans that cover a wide range of possibilities.

“For those approaching retirement, a good place to start is with the free, independent and impartial guidance offered by Pension Wise which helps to highlight some of the key financial decisions that need to be made when heading into life beyond work.”

Sign up to our daily email