Age is Just a Number

Back to News & Views

We know that age is just a number, and for different people, it means different things. It’s also a phrase used by some people who oppose age restrictions. In the UK, 65 years of age has traditionally been taken as the marker for the start of older age, most likely because it was the official retirement age for men and the age at which they could draw their State Pension.

NO LONGER AN OFFICIAL RETIREMENT AGE

In terms of working patterns, age 65 years as the start of older age is out of date. There is no longer an official retirement age, State Pension age is rising, and increasing numbers of people work past the age of 65 years. People are also living longer, healthier lives according to the latest findings from the Office for National Statistics[1]. In 2018, a man aged 65 could expect to live for another 18.6 years, while a woman could expect to live for 21 more years. So, on average, at age 65 years, women still have a quarter of their lives left to live and men just over one fifth.

START OF OLDER AGE HAS SHIFTED

An important further consideration is that age 65 years is not directly comparable over time; someone aged 65 years today has different characteristics, particularly in terms of their health and life expectancy, than someone the same age a century ago. In a number of respects, it could be argued that the start of older age has shifted, but how might this be determined? Should we just move the threshold on a few years – is age 70 really the new age 65? Or, might there be a better way of determining the start of older age? 

POPULATION PROJECTED TO CONTINUE TO AGE

At a population level, ageing is measured by an increase in the number and proportion of those aged 65 years and over and an increase in median age (the age at which half the population is younger and half older). On both of these measures, the population has aged and is projected to continue to age. In 2018, there were 11.9 million residents in Great Britain aged 65 years and over, representing 18% of the total population. This compares with the middle of the 20th century (1950) when there were 5.3 million people of this age, accounting for 10.8% of the population.

OLDEST OLD ARE THE FASTEST-GROWING AGE GROUP

Looking ahead to the middle of this century, there are projected to be 17.7 million people aged 65 years and over (24.8% of the population). The oldest old are the fastest-growing age group, with the numbers of those aged 85 years and over projected to double from 1.6 million in 2018 to 3.6 million by 2050 (5% of the population). The balance of older and younger people in the population has also tipped more towards older people, reflected in a rising median age up from 34 years in 1950 to 40 years in 2018. By the middle of this century, it is projected that median age will reach 43 years.

WHEN CAN YOU AFFORD TO RETIRE?

After a lifetime of hard work, maybe it’s time to take a step back and reap the rewards of your hard work. Whatever you want to do next, we can help you manage the transition. Very simply, we help you put a plan in place for the future. To find out more about how we can help you think about the type of retirement you want, please contact us.

Source data: [1] Office for National Statistics – November 2019

 

Latest Blogs

  • On Thursday 26 March, Chancellor Rishi Sunak made his long-awaited statement about the Covid-19 government support scheme for the self-employed, called the Self-employment Income Support Scheme (SEISS). Reports suggest that the announcement had been slow to arrive because of the greater difficulty in structuring and running a scheme that relied on annual information (via tax returns) and could not operate via the PAYE system. [...]

  • The 11th March Budget from the new Chancellor, Rishi Sunak, included £7 billion of expenditure targeting the impact of Covid-19 on employees, the self-employed and businesses. On 17th March a further raft of measures was announced, amounting to an additional £20 billion of support expenditure plus £330 billion of loan guarantees. By 20th March another round of support was announced of such size that no price tag was attached. [...]

  • We are in unprecedented times. In line with current Government guidelines, we have taken the decision to close our office and we are operating a working from home policy for the majority of the team. [...]

  • 3 weeks ago

    The new Chancellor of the Exchequer, Rishi Sunak, delivered his inaugural Budget to parliament on 11 March 2020, amid the backdrop of a growing threat to the economy from the global outbreak of coronavirus (COVID-19) – this Budget he announced aims to bring ‘stability and security’. [...]

  • If you have picked up a newspaper, switched on the TV or even looked at your phone in the last month, you will have heard of Coronavirus. As with any public health concern, there is a great deal of scaremongering mixed in with the genuine facts. [...]

  • We know that age is just a number, and for different people, it means different things. It’s also a phrase used by some people who oppose age restrictions. In the UK, 65 years of age has traditionally been taken as the marker for the start of older age, most likely because it was the official retirement age for men and the age at which they could draw their State Pension. [...]

  • Whether it’s stopping smoking, losing weight, eating more healthily or getting fitter, most of us have probably made at least one New Year’s resolution, but how many of us will actually go on to achieve it? We all have different financial goals and aspirations in life, yet these goals can often seem out of reach. In today’s complex financial environment, achieving your financial goals may not be that straightforward. [...]

  • The latest edition of our moneymatters newsletter is now available to download. Inside this issue, we look at a number of the topical financial planning stories making the news agenda. [...]

  • At the time of writing, the UK Government said it is ‘ready and willing’ to do a deal to leave the EU if new terms are negotiated with Brussels. But the new Prime Minister, Boris Johnson, has vowed the UK will leave the EU ‘come what may’ by 31 October – the date the UK must depart if no deal has been reached. [...]

  • Gemini Professional Financial Group, the professional services company headquartered in Sutton Coldfield, recently held its 10th annual golf day in support of its new Charity Partners – The Michael Lewis Foundation and Remap UK. [...]

  • Saving for your child’s future is a fantastic way to help them pay for some of life’s big expenses when they get older, such as University, marriage or buying their first home. Yet many parents face the dilemma of whether they want their child to have access to the money set aside once they become an adult at 18, fearing they’ll squander the cash before they can use it for something important. [...]

  • 11 months ago

    Having delayed Brexit from 29 March to 12 April, Prime Minister Theresa May agreed a new Brexit deadline of 31 October with EU leaders [...]

Gemini Wealth Management Ltd is Authorised and regulated by The Financial Conduct Authority Registered in England & Wales No. 5919877 Registered Office: Gemini House, 71 Park Road, Sutton Coldfield, West Midlands B73 6BT The Financial Conduct Authority does not regulate tax and trust advice, will writing and some forms of buy to let mortgages. The guidance and/or advice contained in this website is subject to regulatory regime and is therefore restricted to those based in the UK.

Website by Mellow Marsh Software
© Gemini Wealth Management Ltd
Privacy Notice | Cookie Policy