Traditionally, once you stop working, you enter ‘old age’ – and from there, there is no return!

All that is changing and these days ‘old age’ subdividing into ‘old age’ (the point your first career stops) and ‘frail old age’ (when ‘whatever is going to get you’ starts to emerge). Old age is the world’s fastest expanding life stage while frail old age remains surprisingly consistent – at between 1 – 3 years, with an average of 18 months.

Historically old age was funded by your pension – leaving you free to enjoy what was left of life – but no longer. These days however, if you’re luckily enough to have a pension at all, it will only be a contribution to your income and not much more.

If you decided to leave it to the State to fund your old age the situation gets worse. A full state pension as your only retirement income immediately leaves you on the poverty line – unable to make the most of those extra years.

Neither is the situation improved by growing aspirations and improving health. Retirees these days are increasingly demanding – and adventurous! The world is their playground, and they want to see and do it all. Many are joining their local SKI club – Spending the Kids Inheritance.

One thing is clear – we all need to change our plans for later life!