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Girls now eight times more likely to live to 100 than 80 years ago

A baby girl born today is eight times more likely to live to 100 than one born 80 years ago, government figures have indicated.
Girls now eight times more likely to live to 100 than 80 years agoThe analysis also shows that 20 year-olds are three times more likely to reach 100 than their grandparents, and twice as likely as their parents.

The rapidly ageing population in the UK suggests that by 2066 there will be half a million people aged 100 or more.

Ministers will use the information to argue that reform of pensions is vital and more people must take provision for their retirement seriously.

Lord McFall of Alcluith, the former chairman of the Treasury select committee, published a report into retirement schemes and said workers planning to retire after 2020 faced a “bleak old age”.

Ministers will highlight the change in life expectancy and why people’s perceptions of what they need to do for retirement has to change.

Steve Webb, the pensions minister, said: “These figures show just how great the differences in life expectancy between generations really are.

“The dramatic speed at which life expectancy is changing means that we need to radically rethink our perceptions about our later lives. We simply can’t look to our grandparents’ experience of retirement as a model for our own. We will live longer and we will have to save more. “

The figures from the Department for Work and Pensions show that women have a far greater chance of reaching 100 than men.

A man born in 1931 only has a 2.5 per cent chance of reaching 100, while a woman has a 5.1 per cent chance. But the rapidly changing life expectancy is reflected in the statistics for 2011. A girl born this year has a 33.7 per cent chance of reaching 100, while a boy has a 26 per cent chance of doing so.

The figures also show that a boy born in 1961 has a 10 per cent chance of reaching his centenary, while a girl born in the same year has a 16 per cent chance of living to 100.

A man born in 1991 has a 19.2 per cent of getting to 100, while a woman has a greater chance at 26.5 per cent.

Actuarial estimates of life expectancy, which guide pension calculations, are often underestimates which cause problems when people plan for their retirement.

The report by Lord McFall said the “golden generation” of retirement schemes was coming to an end — 14?million workers will retire with pensions far smaller than their parents’.

Lord McFall, who is chairman of the independent Workplace Retirement Income Commission, found that almost three quarters of private sector staff would be unable to “adequately exist” when they retired due to a low level of savings.

It is in stark contrast to those retiring now. Figures show that the net income of today’s pensioners has grown by 47 per cent in real terms since 1999.

Lord McFall said: “A golden sunset is giving way to a bleak dawn.”

A chart released by the DWP details the chances of each age group reaching 100. It shows that the chances decrease each year as you grow older, but then start getting better again from the age of 83.

At 83, you have on average a 7.2 per cent chance of getting to three figures. At 85, the chances are 7.4 per cent; at 90 it is 9.3 per cent and if you survive until 99, your chance of reaching 100 is 67.6 per cent.

From: http://www.telegraph.co.uk/Girls-now-eight-times-more-likely-to-live-to-100-than-80-years-ago

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