Two thirds of the British population will retire with health problems that will spoil their later years.
They may also face spiralling care costs as they get older, according to a report on longevity and health from the International Longevity Centre –UK (ILC).
The study explains that most people can expect to live longer, but the price is poorer health.
The ILC also warns that plans to make people work longer before they can draw a state pension may make worsen the health of many in their later years.
Professor Les Mayhew of Cass Business School said: “Yes we are all living longer, but the financial challenges this involves are far-reaching and need addressing right away or the chance will be gone.
“Living longer means having more pension savings and spending more on healthcare, but failing to tackle the challenges of longevity could mean higher taxes and a tighter squeeze on public spending as the number of aging people grows.”
Managing longevity
The report talks about managing longevity as a larger population does not necessarily mean high living standards if most of those people are aging and not in work generating an income and taxes.
One recommendation is to look again at how healthcare services are delivered, with a stronger focus on prevention to reduce ill-health in an aging population.
The ILC is launching a longevity fact pack to raise awareness of the problem.
Some of the key features are explained, like:
- The UK has 12.2 million pensioners – which is the same as the aggregate population of Finland, Latvia, Lithuania and Estonia
- Around one-third, of British babies born in 2012 can expect to celebrate their 100th birthday
- Latest life expectancy statistics show that a man aged 65 years old will live for a further 18.2 years and a woman aged 65 will survive another 20.8 years
- Dementia, cancer, stroke and heart disease are the four main diseases inflicting pensioners, but dementia contributes to over 50% of the care costs, while picking up only 6% of the funding
Plan for tomorrow
ILC chief executive Baroness Sally Greengross said: “Generations to come will not appreciate the legacy we leave them if we fail to deal with the problems of longevity. We must all learn how to manage the costs of looking after an aging society.
“It’s not use putting off tomorrow. Tomorrow will come and we must plan for tomorrow today.”
