Pensions - Articles - Living to 100 is no longer a fantasy but are we prepared

 “The latest official data from the ONS* paints a fascinating picture: the number living to over 100 in England and Wales is higher than ever before. With 15120 centenarians in 2022, an increase of 3.7% since the year before and double the number in 2002, the 100-year life is no longer fantasy, but for many is now fact. While living longer is a cause for celebration, it also throws a monumental question at us: are we truly equipped, both financially and mentally, to navigate a much longer life than expected by previous generations? And as we head towards a general election, will whichever party forms the next Government play its part in offering support, clarity and fairness in the age of increasing longevity?

 “The number of women centenarians continues to far exceed the number of men reaching 100. But while in 2002, there were 8.2 women centenarians for every man over 100, the ‘sex ratio’ has now dropped to 4.5 women to every man over 100 in 2022. So a 100-year life is a real prospect for both men and women.

 “Aegon has been exploring the new challenges of what we call the Second 50. Our ‘Second 50’ report delves into the practicalities of navigating extended lifespans. Individuals will have many new opportunities in their Second 50, but there are also challenges to face which they shouldn’t have to shoulder alone. We are urging all political parties to make clear ahead of the General Election their plans for the state pension and its triple lock as well as on social care funding. This is important not just for those in later life, but for all voters, with key questions around how to offer support within a framework of intergenerational fairness.”
  

 * ONS Official Data on Estimates of the Very Old