You might have read recently that life expectancy in the UK has fallen. That’s absolutely true, it’s now about 81 years.
But that’s not true for you. It’s AVERAGE life expectancy that’s fallen and that’s of no relevance to you.
The average UK life expectancy figures include Glaswegians (whose life expectancy is about seven years lower), smokers, heavy drinkers, the obese, drug addicts, manual labourers, people that eat rubbish and people that don’t exercise (not ever).
Hands up if you are a member of any of those groups.
Exactly.
And don’t be thinking that your parents are a good measure of what may be. They grew up in appalling conditions compared to today.
Poor air, water and food were just for starters.
Add to that a NHS that was a shower and medicine, as a practice and science, which was effectively in the dark ages.
No, it really was, look up the stats. And yes, I know the BMA think otherwise but they would, wouldn’t they? Whose interests do you think they represent? Did you know they consistently opposed the formation of the NHS? Just saying.
Our parents worked longer hours in worse conditions than even exist today. That all took a toll on them. Their parents had it even worse given the wars they were sent to.
So, my best guess is that you’ve got to reckon with living AT LEAST 15 years longer than the current average life expectancy. That takes you to your mid-90s.
That doubles the length of your retirement to at least 30 years and therefore doubles the time your money has to last you.
It gets “worse”. As a group, you, our clients, will be pulling further away from the average over the years. You behave much better on average, are more engaged with your health and are motivated to do things.
And worse still – couples live longer than two individuals on average.
Don’t be fooled, you’re going to be around for a very long time yet. Much longer than you imagine.
future proofing your finances
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Town Close are expert financial planners. Our goal is the same as yours – to help you do the things that are important to you in the time you have remaining.