How long we live varies for each of us according to a range of factors, but knowing the average life expectancy across the UK population is useful background information when we plan for our future. Whilst annuities and pensions are paid for life, most people want a separate fund to draw on from time to time throughout their retirement.
Earlier this year, the Office for National Statistics (ONS) published the latest version of their national life tables, which show life expectancy by age during the period 2020-2022.
The ONS estimates of UK life expectancy for people born in those years was 82.6 years for females and 78.6 years for males.
For those reaching 65 years in the UK during the period 2020 to 2022, life expectancy is projected to be 20.8 years for females and 18.3 years for males.
In both cases the figures are slightly lower than the pre-pandemic period 2017 to 2019, but over longer periods there is an upward trend. For example, UK life expectancy at age 65 is projected to be higher by 9% for females and 15% for males than for the period twenty years earlier (2000 to 2002).
As people live longer, and often lead more active lives in retirement than previous generations, it is essential to plan well ahead to ensure one’s financial needs will be met, and to allow a cushion for unexpected commitments. At Hartey Wealth Management, we offer a range of retirement and investment planning services in Cheshire, so speak to our team today.
