Life expectancy will increase by up to six years within a generation, experts say. Researchers, from Imperial College London, said the rise in life expectancy – driven by people’s improving health and better medical care – had been underestimated by official figures. These forecasts are higher than those issued by the ONS – by 2.4 years for men and one year for women.
Many older people are giving handouts to younger generations now rather than delaying until they die, and some are sacrificing their own retirement dreams along the way, new research reveals. Some 53 per cent of retirees said they had not realised at least one of their hopes for retirement, with living abroad, extensive travel, learning a foreign language, starting a business, buying a car and playing more sport among the dreams being jettisoned.
Advisers should review legacy pensions now or risk future ‘death benefit complaints’, provider urges
Most prudent savers have adopted a “wait and see” approach rather than rushing to make decisions in the first two weeks of the new pension freedoms. They now have unrestricted access to their pension pots, whereas in the past many had no option but to buy an annuity. For some a reliable income will be the priority, whereas others will focus on what they can leave to their children.