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Tuesday, November 3, 2015

Ageing population and long retirements means grandparents will hand down little to younger generations

An increasingly ageing population means the elderly will have less money to spare for children and grandchildren, experts have warned.

New official estimates suggest that more than one in 12 people will be aged 80 or over in 24 years’ time, with the average UK age lifting from 40 years old to just less than 43 by 2039.

The proportion of people in pensionable age is expected to rise by nearly a third from 12.4million last year to 16.5million by 2039, according to data.

This is because of the big numbers of people born in the ‘baby boom’ years just following WWII reaching state pensions aged in the coming 25 years, the Office for National Statistics said.
Pensioners will make up 25 per cent of the population in 100 years time, according to the estimates.
As people are expected to live longer, they will need to save more money for themselves and will have less to leave to their children and grandchildren, according to Danny Cox, chartered financial planner at Hargreaves Lansdown.

‘An unfortunate consequence of longer life is parents and grandparents being less able to help out their children, as they need more for themselves. It is important not to give away too much to family as retirement could be 25 or 30 years,’ he said.

‘The longer we live, the more likely we will have health issues and need some form of nursing care. After an initial 12 week period, the cost of nursing care is around £650 a week depending upon the location and can be a huge drain on income and capital,’ Cox added.

Read more: http://www.thisismoney.co.uk/money/news/article-3295314/Ageing-population-long-retirements-means-grandparents-hand-little-younger-generations.html

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