Why 80 is the new 65

Britons are living longer than ever. Life expectancy at birth has recently reached 80 years, and many of us can expect to spend at least 20 years in retirement, where a substantial proportion of our income will be the state old age pension.

The problem is that retirement has become increasingly expensive, to the point where many of us cannot afford it. Companies are cutting back on pension provision for their staff, the retirement age for the state pension is creeping up, and the cost of personal pensions has risen dramatically in the last decade, thanks to falling interest rates and our longer lifespans.