Pension plan for your 90s

WHILE rising life expectancy is welcome, it does make retirement planning tricky because people must now plan to make their pensions last to age 90 and beyond, say experts.

- By Harvey Jones

The number of people that age and over has doubled in the past 30 years to more than 600,000, despite a dip during the pandemic.

Latest Office for National Statistics data shows those reaching 100 have also doubled in 20 years, surpassing 16,000. Women are twice as likely as men to live to 90, although the gap is narrowing. It was four times higher in the 1980s. Stephen Lowe at retirement specialist Just Group, said these figures highlight the need for careful financial planning. "It's tricky to apply life expectancy to retirement because none of us know if we'll be hit by the proverbial bus tomorrow or receive a card from the King."