7 in 10 think retiring in 60s a thing of the past

Over two thirds (69%) of Britons believe retiring in our sixties will become a thing of the past, according to new research. Britons have mixed feelings about living longer according to Canada Life’s Life100+ report. Half of Britons (47%) felt positive about the prospect of celebrating their centenary, almost three-quarters (74%) agreed that should they live to 100, they would worry about their quality of life. The ideal age those surveyed wanted to live to was 85 years. With Brits living longer, the majority (75%) of those surveyed agreed that living longer means we should work longer. Those most likely to disagree with this sentiment were those between 18 and 34 years old, the age group most likely to live 100 years or more. According to Office for National Statistics (ONS) figures, the cohort of those aged 65 and above is expected to grow by just under 40% between 2023 and 2050. During the same period, this growth may increase to 90% for those aged 80 and above. We can also expect to see a 200% rise in the number of centenarians. The research also indicated people are not discussing what living longer could mean for care and inheritance plans, with just half (49%) having discussed their intentions with loved ones. Lindsey Rix-Broom, CEO of Canada Life, said: “The prospect of a longer life should fill us with a sense of optimism. We can easily imagine people pursuing life with a sense of purpose, guiding younger generations and nurturing fulfilling relationships with loved ones. At the same time, we need to be realistic about how we approach improved longevity from both a financial and practical perspective, especially if it’s unexpected.” For the Life100+ report Canada Life conducted 3,400 interviews with UK adults aged 18 and over between May and July.

7 in 10 think retiring in 60s a thing of the past

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