Pensions - Articles - Living longer and old age dependency

More than half of people aged 65-69 are forecast to still be working in the year 2067 according to new figures that highlight the extent of the rise in working in later life.

 Commenting on the release by ONS (Living longer and old-age dependency – what does the future hold?)

 Stephen Lowe, group communications director at Just Group, said:“As the population ages there are concerns about how working age taxpayers will be able to economically support those of greater age. The Old Age Dependency Ratio – comparing those of working age to those above State Pension Age – is forecast to rise from about 300 retired people per worker to 400 by 2064.

 “However, this measure doesn’t take into account that more significantly more people are working later in life which will help reduce the ‘dependency’ on younger taxpayers.

 “Only 10% of workers aged 65-69 worked in 1992 but that has risen to 22% now and is forecast to reach 51% in 2067. For 70-74 year olds, the number economically active was 5% in 1992 and is 10% now but is forecast to be 19% in 2067.

 “The elephant in the room is whether people will be fit and well enough to carry on working because healthy life expectancy has not risen as fast as life expectancy. Our research found that among over-65s who retired early, nearly six in 10 left the workforce prompted by events outside their control such as illness (25%), redundancy (21%) or to become a carer for a family member (10%).

 “There’s a host of measures that need to be aligned to help people remain economically independent for longer ranging from encouraging healthier lifestyles to promoting professional financial planning so that people are better prepared whatever happens.”


Back to Index

Similar News to this Story

Workplace and State pensions not enough to retain lifestyle
Analysis from Aegon shows those wanting to retain their lifestyle into retirement shouldn’t be lulled into a false sense of security just because they
Young adults at home are draining parents pension pots
Parents are forking out on average an extra £414 per month to afford their adult children remaining in the family home for longer than expect
Current annuity rate at lowest for twenty five years
Steven Cameron, Pensions Director at Aegon comments on figures from Moneyfacts showing the current annuity rate is the lowest since at least 1994 (whe

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS


Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.