“With constant medical improvements increasing life expectancy has become a given so it may come as somewhat of a jolt that those increases have dropped. However, historical data shows us that life expectancy does not increase at the same steady pace, it goes in bursts that correspond with medical advancements.
“The latest figures seems to counter the pace at which the state pension age is rising. The state pension age is due to rise to 67 by 2028 and 68 by 2046. However, these increases are really an example of the state pension age playing catch up with advances that have already happened.
“A slowing increase should not be mistaken for a decline. In fact those who are in there 60s should be prepared in case of another rapid increase. This is likely to come when medical solutions to mental illnesses like dementia arrive, which are currently an increasing reason for death. Figures from the ONS revealed that for those aged 90 years and over, mortality rates for mental and behavioural disorders have more than doubled since 2010 for both males and females.
“It’s critical people are realistic about the possibility of living to 100 and plan their finances accordingly. And if you’re a couple, you also need to ensure that whoever outlives the other isn't left in poverty as a widow or widower. Trying to figure how much to save is extremely challenging and there is no perfect science. For many people working backward will probably deliver the most accurate picture of how much you need to save.”