The German Chancellor, Otto von Bismarck, introduced the world's first state pension in the 1880s. You had to be 70 years old – and the expectation was that you would only live a few years after that to collect it.
Bismarck designed the system in a very different world. Today, many of us can expect to live well beyond 70. A recent study by UBS found that around a third of wealthy individuals in the UK are confident about living to 100.1
Yet many are anxious about the financial implications of extended old age. Retirement is fast becoming about not living too long rather than dying too soon; about not outliving our financial security.
In response, people are already considering working past the traditional retirement ages. For the first time in UK history, there are more than 10 million people aged over 50 in employment.2 And with the State Pension age rising, the number of older workers is expected to keep growing.
For many, continuing in the workforce is about job satisfaction, having a purpose, or a way of ‘giving back’. For others, it is about maintaining physical, emotional and cognitive health, plus, of course, financial security. Whatever the motivation, longevity is changing how we think about work, retirement, lifelong learning and reskilling
Read the complete blog here: https://www.sjpinsights.co.uk/article/Preparing-for-the-100-year-life/nickjones
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