Pensions - Articles - Oldest person in Britain turning 113: Comment from Aegon

 “The average life expectancy of a woman turning 65 this year is 86, means savings need to last for 21 years. That’s just an average though, about one out of every four 65-year-olds today will live past age 90, and one out of 10 will live past age 95.

 “Last year’s pension reforms have made it much easier for people to access their life savings, introducing very attractive flexibility to Defined Contribution pensions, but placing the burden of responsibility squarely on the individual. As we celebrate Gladys’ birthday, let’s also take it as a reminder that people need to balance the decision to access savings in early retirement, versus the likelihood that they’ll live to a grand old age. If pension freedoms had been available to Gladys she would have had the option of taking her pension in 1958 and the prospect of a retirement longer than her working career.”