I was sat having my breakfast this morning and texting my sister. Her baby is due in just over 3 weeks’ time and I had been thinking how crazy it is that, hopefully, at this time next month, the baby will be here safe and we will know if baby is a he or she and its name! This is a very exciting time for my family, my sister’s first baby, my first niece or nephew and my parent’s first grandchild. Wow – we are going to have some Champagne once he / she arrives!
Then I read an article, which states that longevity figures now show that one in three baby girls in England will live to at least 90 years old. http://www.theguardian.com/money/2015/sep/01/longer-life-leads-to-fears-of-later-retirement
My Granny lived this long – older in fact – and the female line on her side certainly seem to have a long life. However, the difference is that Granny got her state pension from 60 (she may have even had some Widows pension before this age I think). My mum had her state pension at 60 too.
My sister and I will have to wait until we are 68, and if the baby is a girl, based on these current statistics she will have to wait until age 70+!
This makes me think that the following becomes more and more important for us to consider:
- Have a job you love – you will be doing it for some time.
- Try to enjoy every second of the 90 years (or whatever you get given).
- Don’t underestimate how long your retirement years could be and PLAN so you can enjoy it.
- Save privately for your retirement, you can’t rely on the state pension – it will come into payment later and later, if at all.
- Talk to your parents / grandparents about their wishes before they become too old, when it may become to worrying/stressful for them or they are unable to. As hard as it is to talk about illness or death, it’s important to know what they want – should they fall ill, or what they would want their funeral to be / where / how.
- Write a Will.
Of course, this baby could be a boy and his pension age will still be older – as will his longevity and the need for all of the above!
Keep you posted!