"The Continuous Mortality Investigation (CMI) has today released its mortality projections model for 2018. While the good news is that rates will continue to improve slightly, they estimate that the high rates of improvement seen in the first decade of this century are unlikely to repeated, at least in the short-term.
"When the CMI compared its latest data with previous years, it found that life expectancies at age 65 are around five months lower for both males and females, at 19.8 years and 22.4 years, respectively. On the face of it, this decline in improvements doesn’t seem to pair up with the rising pension age, which is due to rise to 67 by 2028 and 68 by 2046 meaning people have less time to enjoy their pension. However, in reality these increases are in actual fact a case of the state pension age playing catch up with advances that have already happened.
"Despite these statics painting a less rosy picture than some might want, we should not be under the illusion that we are going to start seeing a drastic decline in how long most live. In fact, historical data shows us that life expectancy does not increase in a linear fashion but rather goes in bursts that correspond with medical advancements.
"It is therefore prudent for people to plan their finances around the very realistic possibility of living to 100. Couples should also be mindful that whoever outlives the other is not left in poverty at a time when they may not be able to get an income from elsewhere because of their age"