DWP: 2.2 million over 50s will reach 100th birthday
More than 2 million people who are already over the age of 50 will reach their 100th birthday, latest Department for Work and Pensions analysis reveals.
The figures – published today – show 2.2 million over 50s will live to 100.
However, Saga Group director-general Ros Altmann said the financial implications of this change had still not been adequately factored into our pension system.
She said living longer posed potential problems for final salary schemes, as pensions have to be paid out for far longer than ever originally envisaged. Altmann said those without pension provision would spend ”decades” struggling to survive with inadequate incomes.
Altmann said many would have to keep working. She said: ”People are not ’old’ at 65 any more, so why are we wasting their valuable skills? They have decades of healthy life ahead of them and should not be denied the chance to keep working and earning money to sustain themselves as they live longer.
”As life expectancy keeps rising, there is a whole new phase of life ahead of us, ’Bonus Years’ when we keep working – preferably part-time – as we get older, instead of expecting to be paid not to work for many decades. ”
She added: ”Furthermore, for those already in their 50s, it will be almost impossible to save enough by the time they reach their 60s to ensure enough income to last till they are 100. Why keep everyone alive so much longer and then throw them out of the labour force at the same age as before? We need a social revolution to allow us to look forward to a better later life. Then we can all truly celebrate the idea that so many of us will live to be 100.”