How long will my pension last?

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With the number of people living to 100 reaching a new record high, we look at different strategies for making your pension last as long as your retirement.

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

Published on 26 October 2023

It was correct at the time of publishing. Our views and any references to tax, investment and pension rules may have changed since then.

The number of people living to 100 in England and Wales has hit a record high. It’s risen from just 110 people to nearly 14,000 over the past 100 years.

A 66-year-old male (State Pension age today) is now expected to live until 85, and a female to 87.

As a nation, we’re living longer and healthier lives and this means it’s getting more and more likely that your pension could need to last 30 years or longer.

For anyone in retirement, it’s essential to be realistic about your life expectancy. It can help you to avoid running out of money later on and get a better steer on what sustainable pension withdrawals look like.

Here’s what you need to consider about how long your pension might need to last for.

This article isn’t personal advice, if you’re not sure what’s right for you, please ask for advice.

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