What age is old?

A recent BBC article said it’s time to change how we measure and think about old age due to more people living into their late 80s and beyond.

For decades, according to the  Office of National Statistics (ONS) the current state pension age of 65 has been seen as the start of old age.

But, as state pension age increases to 66 in 2020 and 67 in 2028, is it time to reconsider how we think of age?

The ONS reported that reaching 70 today means people can expect to live another 15 years and this is a better indication of old age than simply assuming 65 is old.

This is because as a society we’re living longer, healthier lives and by using the measurement of 15 years left, it’s much easier to see how the age people are when they have 15 years left has changed over time – showing we also need to change how we think of age and retirement.

• An example from the ONS research says that in 1951 men and women at 60 could expect to live another 15 years, whereas now 70-year-olds can expect another 15 years. Plus, by 2057 this is expected to rise to 75.

This change in life expectancy has been put down to changes in health care and living conditions. Libby web, senior research manager at Age UK says:

“People at age 70 now have the same life expectancy and similar health to people age 65 in the past so, on average, we are definitely seeing people do better than they did in the past.”

The ONS reported that our idea of old age is outdated, and we should do-away with the idea that 65 is old, when they can expect to have many more active years of enjoyment.

In terms of our clients, we find that age really is just a number, and most don’t consider themselves old at 65. In fact, it’s the time you get to do all the things you’ve always wanted to.

Rather than the idea that retirement means scrimping and struggling to get by worrying they’ll run out of money, for our clients at Joslin Rhodes, it’s about being able to live the lifestyle they want:

• Things like doing more of that golfing hobby they’ve always been too busy for, going on that cruise around the Mediterranean or spending more time with the grandkids.

Whatever your ideal retirement plan is, there’s a good chance it’ll involve all sorts of things you’ve always wanted to do. So, moving away from the idea that retirement is in some way giving up, and instead seeing it for what it is – the time you enjoy life, it’s important to properly plan your future.

By deciding first what you want your retirement to look like then crunching the numbers to work out how you can get it, you’re more able to get the retirement lifestyle you actually want.

Many think they have to wait until a government pre-determined state pension age and carry on working, never finding out whether they actually do have enough to retire at only age 55. And, finding out is all the more important when you consider that by the time you reach 55, you’re down to almost 10,000 days of life left out of the 30,000 you have when you’re born.

This means it’s more important than ever to make the most of retirement and find out what enough means for you. Often, many do have enough, they just don’t know it. They often come in thinking they can’t afford to retire and are amazed when we tell them they can.