Pension savers will need to plan for a longer retirement, as the population of over-90s in the UK continues to grow.
Data from the Office for National Statistics shows the number of people aged 90 and over increased to 579,776 in 2017 – a year-on-year rise of 8,531.
This follows a steady increase over past decades, as the figure more than doubled in 30 years.
Meanwhile, the number of people aged 100 and over has been increasing more gradually, from 12,720 in 2012 to 14,430 in 2017.
Mutual insurer Royal London said this trend has “big implications” for people saving and planning for retirement.
Helen Morrissey, pensions specialist at Royal London, said:
“Individuals will have to make sure they have adequate funds to sustain them over ever longer retirements.
“This may also include the need to think about how to meet the increasingly likely chance of facing long-term care costs later in life.”
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