Thousands more people are living past 100, prompting warnings that the state pension age may need to rise over 70 to keep up with Britain’s rapidly ageing population.
New figures from the Office for National Statistics show that the number of centenarians has doubled over the past two decades, reaching 16,600 in 2024.
Around 625,000 people aged 90 and above now live in the UK, a 53.7 per cent increase since 2004 and 2.2 per cent higher than last year.
The number of men reaching these ages is growing faster than women, reflecting broader life expectancy improvements.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, called the rise in longevity "a huge positive," but warned it comes with major financial consequences.
As more people live longer, the government faces increasing pressure to manage the soaring cost of state pension payments.
Ms Morrissey said the Government is reviewing potential changes to ensure the system remains sustainable.
She said: "Potential options to mitigate the bill could include reform of the triple lock mechanism used to increase the state pension every year." The triple lock currently guarantees that payments rise by whichever is highest - inflation, average earnings growth, or 2.5 per cent.
She added that ministers may also revisit plans to raise the state pension age, saying: "We will likely see further discussion on whether the timetable for state pension age rises needs to accelerate even further - and we could see a timetable put in place for a State Pension age rising into the 70s."
Personal retirement planning faces dramatic transformation as lifespans extend, with those targeting retirement at 65 potentially requiring income provisions spanning 35 years or beyond. Early preparation becomes essential, allowing investments more time for growth.
Britons are concerned about the rise in the state pension age | GETTY"Taking small actions, such as boosting your contributions every time you get a pay rise or new job, can make a huge difference," Ms Morrissey explained.
Maximising employer contribution schemes, particularly those offering matched payments, significantly enhances pension accumulation.
Lost workplace pensions represent another crucial consideration. National Pension Tracing Day on October 26 encourages individuals to utilise the government's Pension Tracing Service, requiring only former employer or provider names to locate missing funds.
"You could find a pension worth several thousand pounds that you had forgotten about," Ms Morrissey noted, highlighting the potential value of tracking down previous workplace schemes.
State pension warning as age rise to 70 will 'likely be accelerated
| GETTYPension consolidation offers administrative benefits and potential cost savings, though careful evaluation remains crucial.
Transferring multiple pensions risks forfeiting valuable features like guaranteed annuity rates or triggering substantial exit penalties.
Extended lifespans amplify inflation's corrosive effects on retirement finances. "This can nibble away at your purchasing power over time and mean that what was once a decent retirement income becomes very stretched," Ms Morrissey warned.
Retirees purchasing annuities face critical decisions between inflation-protected and fixed-rate products
| GETTYRetirees purchasing annuities face critical decisions between inflation-protected and fixed-rate products.
Those utilising income drawdown arrangements must exercise particular caution regarding withdrawal rates.
"Those using income drawdown will need to ensure that they don't take out too much income too early and leave themselves stretched later on," Ms Morrissey advised, emphasising the importance of sustainable withdrawal strategies throughout potentially decades-long retirements.
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