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100 Years
Posted on 11th July by Graham Laverick

100 Years

This is the year in which we commemorate the Battle of the Somme in 1916. A lot has changed in the past 100 years. Office for National Statistics data show life expectancy has also soared over the past century. 

A child born in 1916 could expect to live to 51 if he were a boy and 56 if she were a girl. If a man lived to retirement age, by 55 he could expect to do little more than light gardening. 

A child born in 2016 can expect to live to 81 (male) and 83 (female), much of which will be spent in relative good health, thanks to medical technology and healthcare advances. 

Surveys have shown young people today - and no doubt Generation Z too - expect to enjoy their retirement by taking holidays rather than doing weeding.

But given the demise of defined benefit schemes and the ever increasing state pension age, today’s newborns are going to have to work harder, for longer, to make ends meet when they reach retirement.

The gap between reality and aspiration for retirement - plus the challenges and opportunities from pension freedoms - presents a real challenge for  2016 and beyond.