People now living longer!!

Welcome back loyal readers

Yes, it’s true!! The Office of National Statistics (ONS) has issued proof that life expectancy is again on the rise.

Life expectancy for both men and women has risen by a further 4 months. For men the new age is 78.22 and 82.3 for women. These newly issued statistics will add fuel to the Governments calls for a rise in the state pension age. In a way this does make sense to raise the bar however this will lead to people having to work past their previous retirement age in order to make ends meet.

What isn’t being looked at is the threat of long term illness as we grow older and the ability to cope with hospital bills, medication and day care. Without being alarmist, the best time to plan for treating possible infirmity is when we are not under stress or for that matter, when illness strikes.

Equity Release products could be the answer for the provision of our well being whilst giving us all the peace of mind that we can be looked after if illness strikes in old age. These products should be considered if savings are too little to cope with the provision of long term care, therefore it is worthwhile discussing ones future opportunities through Equity Release in order to prepare for any potential medical issues.

I had an amazing conversation once with an actuary who said the probability factor of living from 100 to 101 years is greater than getting from 99 to 100 years!!

Food for thought.

Comments welcome as always.

Stephen Rodgers

Director

Berkeley Consultants UK Ltd