Should we work longer if we’re living longer?

Should we work longer if we’re living longer?

Wanting to live a long and happy life is one of the most natural human impulses.

And since more of us are hitting the landmark age of 100, that dream is becoming more realistic.

But how does a longer life fit in with your retirement goals? According to a study by Canada Life, 69% of UK adults believe retiring in our sixties will become a thing of the past.

But not everyone is happy about that, as 25% don’t believe that living longer means we should work longer too.

That basically means many of us are either hoping or expecting to spend about four decades of our life in retirement.

Can we afford a long retirement?

So, we want to spend 40 years of our lives basically not having to work for an income.

But enjoying a decent lifestyle and being prepared for the challenges of life costs money.

And worryingly, it seems many of us haven’t directly addressed this problem.

Not yet anyway.

As the Canada Life study showed, only half of us have discussed with our families what living longer could mean for our care and inheritance plans.

And three-quarters agreed that if they live to 100, they’d worry about their quality of life.

Nevertheless, people still want to live to a ripe old age, with almost half of those polled saying they feel positive about the prospective of reaching their centenary.

Lindsey Rix-Broom, chief executive of Canada Life, said: “The prospect of a longer life should fill us with a sense of optimism.

“At the same time, we need to be realistic about how we approach improved longevity from both a financial and practical perspective, especially if it’s unexpected.”

Don’t delay talking about retirement

If you want to enjoy a long and happy life, it’s vital that you discuss your hopes and plans with your family.

Not only can this mean your wishes are carried out as and when it’s needed, but it also helps to avoid nasty surprises, misunderstandings and family disputes.

Talking about issues such as social care, inheritance, healthcare costs and pension saving can be uncomfortable, and we understand that.

But getting over this discomfort is so important if you want to make sure you’re in the best possible financial position in later life.

Only then can you feel confident that you’re on course to get the retirement you want and deserve.

James Glynn

Written by James Glynn

Senior Financial Content Writer

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