Is retirement no longer an option for many people? This report thinks so

More than two-thirds of UK adults believe that retiring in their 60s will soon be a thing of the past, according to new research from Canada Life. The findings, released in the company’s inaugural Life100+ report [promotional content], claims to highlight shifting expectations as people prepare for longer lifespans, with retirement plans and financial security becoming major concerns.

The report, which explores the impact of increasing longevity, reveals that while the UK population expects to live until 85 on average, many hope to live longer, with 90 being the ideal age. The report draws attention to the fact that the number of people aged 65 and older in the UK is projected to grow by nearly 40 percent between 2023 and 2050, according to the Office for National Statistics (ONS). Meanwhile, the population of those 80 and over is set to surge by 90 percent, and the number of centenarians could increase by 200 percent in the same period.

Despite the prospect of longer life, UK adults are divided on what this means for working life. While 69 percent agree that retirement in the 60s will be outdated, a quarter of respondents (25 percent) disagree that living longer means we should work longer. Disagreement is especially high among younger adults aged 18-34, the group most likely to live to 100 or beyond.

The report also highlights a mixed emotional response to longevity. While 47 percent of respondents feel positively about the possibility of living to 100, 74 percent express concern about their quality of life as they age. This anxiety about living standards persists even though many hope to live a long life.

Canada Life’s report claims that most people have not yet fully prepared for the practical, financial, and emotional implications of longer life. For example, only 49 percent of UK adults have discussed important topics such as care and inheritance plans with family or loved ones.