Retirement - the sort enjoyed by our parents and grandparents - may no longer be a viable option.

The retirement age was set at 65, following World War I. Life expectancy was deemed to be the traditional 'three score years and ten', and most people could hope for between five and 10 years' rest after a lifetime's hard work.

Almost 100 years on, and life expectancy has increased dramatically. If you retire at 65 you can now easily expect to enjoy your retirement for a good 20 to 25 years or more.

Today there are more people aged over 65 in the UK than under 65. The economic dilemma of providing for an increasingly elderly population is not just restricted to the UK: it's a problem today for most countries.

Both the present and previous governments have looked to increase the retirement age to 66 in the next few years and then gradually, under present legislation, to 68 by 2046. This is now subject to a major review by the coalition government.

In a recent BBC2 Newsnight special, a survey carried out on behalf of the programme revealed 72% of those questioned were concerned about their financial provision in the future. A similar percentage didn't think they'd retire at 65. 

One of the most intriguing statements made in the programme was that traditionally the children of one generation would be financially better off than their parents. Now, for the first time, the trend would be reversed, and children of the next generation won't be as financially secure as their parents.

For those who've made pension provision the news is better. The requirement to purchase an annuity at age 75 has been extended to age 77, with the prospect that this age limit will be abolished in the next two years. This gives a much better chance of being able to leave pension savings to the next generation, and makes it vital to re-examine wills and pension requests.

If you're worried about provision for your retirement and the next generation, it may be time to review your will.

Access Legal from Shoosmiths can advise you on updating it and securing your wealth for the next generation.

For more information, please call our Helpline on 03700 86 86 86.

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