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Preparing for longer lives with the latest life expectancy data
The Office for National Statistics (ONS) has recently updated its life expectancy calculations, presenting new projections based on 2022 data. For pensioners, these new figures bring mixed news.
The latest ONS projections compare 2022-based projections with those from 2014, 2016, 2018, and 2020. While life expectancy is still expected to rise, the absolute numbers for men have decreased slightly, and for women, there is an initial improvement that eventually declines over a 40-year period. Below are the age 65 life expectancies and related survival probabilities based on reaching that age in 2024 using the 2020 mortality basis (left figures) and in 2025 using the 2022 mortality basis (right figures):
| 2020/2022 data | Age 60 | Age 65 | Age 70 | |||
Male | Female | Male | Female | Male | Female | |
| Life expectancy | 85/84 | 87/87 | 86/85 | 87/88 | 87/86 | 88/88 |
| 1 in 4 chance | 92/92 | 94/95 | 92/92 | 94/94 | 92/92 | 94/94 |
| Chance of reaching 100 | 3.5%/3.0% | 6.2%/6.2% | 3.1%/2.7% | 5.6%/5.7% | 2.8%/2.5% | 5.1%/5.2% |
These new data points will be crucial for the upcoming review of the State Pension Age (SPA) increase to 68, with the transition to 67 starting next year. In 2023, the government postponed a final decision on the SPA increase until a further review, to be conducted within two years of the next Parliament.
Financial planning for longer life expectancies
With life expectancies continuing to rise, financial planning becomes increasingly important. Longer retirement periods necessitate careful planning to ensure that individuals can fund their extended retirements and plan for long-term care. This is where equity release can play a vital role.
Equity release allows individuals who are asset-rich but cash-poor to unlock liquidity from their assets. This can provide the necessary funds to support a longer retirement and cover the costs of long-term care. By releasing equity from their homes, retirees can access the cash they need without having to downsize.
Equity release services
To learn more about how equity release can benefit your financial planning for retirement and our equity release services, we encourage you to engage with a TPO financial adviser. Our equity release specialists can provide personalised advice and help you navigate the options available to ensure a secure and comfortable retirement.
This article is for information only and does not constitute individual advice. The Financial Conduct Authority (FCA) does not regulate estate planning, tax or trust advice.
Equity release is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
The information in this article is correct as at 20/03/2025.