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I went to a 100th birthday party last week. I never thought I would say that! But perhaps I’ll be going to a few more in the years ahead.

The Office for National Statistics (ONS) recently published research which shows that of all those who celebrate their 65th birthday this year 85,000 of them can expect to go on to celebrate their 100th birthday. This compares to the figure of around 14,000 centenarians in the UK at the moment.

This huge upturn in life expectancy is due to lower smoking rates, healthier lifestyles, medical advances and less arduous working lives.

The ONS also predicts that one third of babies born in 2013 will reach the age of 100 years.

Rising longevity is heaping pressure on public finances and has further inflamed Britain's pensions crisis. The crisis has been created by a combination of the enjoyment of longer retirements by a bulging segment of the population, and decades of insufficient pension saving.

The big worry for many people is ‘have I saved enough or will I run out of money?’

There are three main risks to be faced: the first being the risk of running out of money by living too long, the second is running out of money because of poor investment returns and the third (which is probably the most important) is the risk of not planning in advance for a long and, hopefully, comfortable retirement.

How good would it be if you were able to make more sense of where your money is coming from and going to over your lifetime? Cash-flow modelling techniques can help you answer the question – can I afford the lifestyle I really want whilst I’m still young enough - and give you the confidence to do something about it.

Come and talk to us about how you can afford to enjoy life and still plan for your 100th birthday party!

 

Click here to read more on Cash Flow Modelling and Lifetime Planning in last week's blog.

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