Life in Canada Report Reveals Retirement Age Bombshell at 67 | Personal Finance | Finances

On By Yukito

Britons fear they will run out of money in their old age amid predictions of a 40 percent increase in the number of people over retirement age by 2050.

While the idea of ​​living longer seems like a cause for celebration, many people worry about their quality of life and finances if they live into their 90s or even beyond 100 years of age.

Financial institution Canada Life has published its inaugural Life100+ report, the first in a series of in-depth research articles examining the various aspects of our lives that will be impacted by increasing life expectancy, as well as the opportunities and challenges that come with it.

The survey found that while almost half (47%) felt positive about the prospect of celebrating a centenary, almost three-quarters (74%) agreed that if they lived to be 100, they would worry about their quality of life.

The study found that most people expect to live to the age of 85, while many consider reaching the age of 90 to be the ideal “round.”

The company said: “Beyond our feelings about living longer, it is certain that we will need to rethink how we plan for our future lives practically, financially and emotionally.

“Life100+ research shows that some people accept this, but do not take the necessary steps here and now to prepare for a longer life.

“While over two-thirds (69 percent) believe that retiring in their 60s will become a thing of the past, a quarter (25 percent) disagree that living longer means we should work longer.

“Levels of disagreement are highest among people aged 18 to 34, the age group most likely to live to 100 or beyond.”

Canada Life’s research also indicates that people are not discussing the potential consequences of living longer with family or loved ones, including what this may mean for care and inheritance plans. Only half (49%) of the UK population have discussed their intentions.

Lindsey Rix-Broom, CEO of Canada Life, said: “The prospect of living longer should make us feel optimistic. We can easily imagine people pursuing life with a sense of purpose, leading younger generations, and cultivating fulfilling relationships with loved ones.

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

“We conducted this in-depth research to better understand the complexities that can arise and gain valuable insight into the very real aspirations and challenges facing people across the UK as they plan for their future lives, as well as in the here and now.

“We hope to play an active role in supporting families throughout their working lives and into retirement, helping them make the most of their lives. We want people to feel more composed, optimistic and prepared to embrace the positives that additional years may offer.

“The solution starts with a conversation involving all of us – our customers, financial professionals, the broader industry and even decision-makers at the highest levels of government.”