Pensions - Articles - Over 65s increasing 6 times faster than those of working age

Following the latest UK population estimates released by ONS, Steven Cameron, Pensions Director at Aegon, comments:

 “The UK population grew at an estimated rate of 0.6% to 66.4 million but beneath these topline figures there is a story of significant change between the different age groups that make up the population. The number of individuals over 65 increased faster than any other age band over the last 10 years and there is now an estimated 12.2 million in this age bracket, nearly one fifth of the whole population. Over the last 10 years to 2018, the number of people aged between 65 to 84 years old has experienced a 23% increase, while the over 85 population is up 22.8%, both more than 6 times the growth of the working age population between 16 to 64 years, which has increased by just 3.5%.

 “We should be celebrating the fact that most of us can look forward to longer lifespans and it’s encouraging to see that people are already taking an interest in extending their working lives accordingly. We’re living longer than our parents and grandparents and we shouldn’t be planning to retire at the ages they did. Aegon research shows more than half of people now want to transition into retirement, allowing them to work beyond traditional retirement ages, often on a part time or more flexible basis.

 “There are many positive benefits of remaining in the workforce both for the economy and for the individual’s health. But there’s also a financial aspect of making the most of our longer lives and this needs to be considered not just by the Government in terms of policies on state pensions and social care, but also by individuals who increasingly have to take part responsibility for their financial futures.”

 ONS Population Estimates

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