The idea of living a century was once confined to science fiction. But no longer. For wealthy individuals in the UK, living a 100-year life is not an outcome they consider a mere possibility. It’s one they expect.
The more likely long lives become, the more that significant changes to plans for wealth are happening, according to our research. In this edition of Investor Watch, we found that:
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- Living to 100 will change spending and career plans. Deciding how to afford a 30 or even 40-year retirement means over 30% are already changing their financial plans. Many think they will continue to run their businesses or extend their careers as well – whether for financial gain or because of the benefits an active working life provides.
- Care costs in later life of £50,000 a year won’t be uncommon. More than half of people believe care will cost them more than this each year. Encouragingly, 70% have already started to plan for this expense.
- Many people plan to give their inheritance to grandchildren, rather than children. Longer lives mean that wealth may prove more useful to share with grandchildren in their 20s or 30s, than children who themselves are approaching retirement. Over 40% plan to follow this approach.
How should I plan for the 100-year life?
Nick Tucker, Head of UK Domestic, discusses the three main things to consider.
What to know about long-term care costs
Sarah Allatt, Health of Wealth Planning Advisory, explains how to approach this topic.