Traditional views of retirement continue to be called into question, as the Office for National Statistics (ONS) reports growing numbers of people aged 90 or over.

With ongoing medical research and development, and improvements in public health, it’s no real surprise that the number of people aged 90 and above keeps growing. ONS figures from 2018 show an increased total of 584,024 (up 0.7% on 2017).

A longer, more costly retirement

With so many now living longer, retirement funds have many more years to cover than ever before. As people are now anticipating an extended retirement, we are already noticing changes in employment with many continuing to work for longer, gradually withdrawing from the world of work and achieving a work-life balance that suits them, while still bringing home an income.

Care costs are an important consideration for those in or entering the retirement bracket. While living longer is a positive, it also means that an increasing number of people are living in a relatively poor state of health for more of their lives, which can have a significant impact on the funds set aside for a comfortable retirement.

Everyone’s circumstances are unique. Don’t underestimate the need to set targets and plan ahead.

It is important to take professional advice before making any decision relating to your personal finances. Information within this page is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.

Tax and Estate planning are not regulated by the Financial Conduct Authority

The value of pensions and investments can fall as well as rise. You may get back less than you invested.

Will writing is not regulated by the Financial Conduct Authority. Quilter Financial Planning Ltd are not responsible for any will writing advice.