Commenting on the DWP’s report that millions more will live to be 100 in future, Dr Ros Altmann, Director-General of over-50s organisation Saga, said:
“It is great news that people are living longer, but just re-thinking pensions is not enough”.
“There is a much greater challenge. As a nation, we need to completely change our attitude to what is ‘old’, and by doing so we will change our attitude to what a fantastic resource older people are; they’re not a drain on our future, they are potentially a huge resource in themselves”.
“Our life plans need to be adjusted, we must re-think retirement - whether we are reluctantly or willingly participating in retirement, whether we are the people who influence or impose retirement, whether we are the people who drive policy on retirement.
“Retirement is like a set of clothes, one set or outfit does not fit all. We should be allowed – and encouraged – to select our older-age lifestyle plan in the same way we choose our style of dress: something that suits us, which we can afford and in which we feel comfortable”.
“We all need to embrace the opportunity of a new phase of life - instead of traditional retirement - which could be called ‘bonus years’, where we work part-time in a fashion and at a pace that suits the individual. This enables both the individual and wider sections of the population to keep economically active, continuing to generate a living, an income – or even substantial wealth – not just for themselves, but for the country as a whole, because just saving more will not be enough to ensure decent income in later life. Lives are changing, our attitudes and expectations need to change too.”
For further information, please contact the Saga Press Office on 01303 771529