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Figures released recently from the Office for National Statistics (ONS) confirm that the UK’s population is continuing to age. Its latest projections show that, in 50 years’ time, there are likely to be an additional 8.6 million people aged 65 years and over – a population roughly the size of London.
The changing and ageing structure of our population is driven primarily by two factors. Firstly, improvements in life expectancy mean that people are living longer and reaching older ages. Along with this, there has been a decrease in fertility, people are having fewer children and are having children later in life.
In 2016, there were 11.8 million UK residents aged 65 years and over, representing 18% of the total population – 25 years before, there were 9.1 million, accounting for 15.8% of the population.
The fastest increase will be seen in the 85 years and over age group. In mid-2016, there were 1.6 million people aged 85 years and over (2% of the total population); by mid-2041 this is projected to double to 3.2 million (4% of the population) and by 2066 to treble, by which time there will be 5.1 million people aged 85 years and over making up 7% of the total UK population.
Within the UK, older people make up higher proportions of the populations of rural and coastal areas than urban areas. The 10 local authorities with the highest percentage of the population aged 65 years and over are on the coast, with five being in the South West region of England (where more than 21.6% of the population are aged 65 years and over).
But, the UK is not alone; population ageing is a global phenomenon. In 2015, there were around 901 million people aged 60 years and over worldwide, representing 12.3% of the global population. By 2030, this will have increased to 1.4 billion or 16.4% and by 2050, it will have increased to 2.1 billion or 21.3% of the global population.
Declining mortality rates mean higher life expectancies. A newborn male baby in the UK today can expect to live for 79.2 years and a girl to 82.9 years, with 22.6% of newborn boys and 28.3% of newborn girls projected to live to 100 years old. Looking 50 years ahead to 2066, 44.2% of baby boys and 50% of baby girls expected to live to age 100 years.
As we are living longer, the demand for care and care home places is increasing. Here at Goodman Care Fees Advisers we specialise in providing truly independent advice to clients, deputies and attorneys on later life financial planning issues, including how to meet the cost of care fees.
Our advisers, Neil Whitaker and Andy Kirk, have attained the Later Life Adviser Accreditation and are proud to be full members of the Society of Later Life Advisers (SOLLA).
We’ll make you aware of the various options, explaining clearly how they work and help you to reach an informed decision that you feel happy with.
Click here to find out how we can help you: Goodman Care Fees Advisers