A demographic revolution is under way, with more of us living longer than ever before. Fifty years ago there were nearly 20 million people in the world age 80 or over; now that figure stands at about 105 million, and it’s rising fast. Many – though not enough – of our older population are in good health and will retire with a decent income and a strong social network, and many have much to offer society.
The timing of the debate around the aging population in the UK is then perhaps unfortunate, held as it is against a backdrop of a beleaguered economy. Since the Coalition Government came to power we have seen cuts to government services and working-age benefits and a further £10 billion reduction in welfare to come. Against this context there is a perception that older people have fared better than most other groups but media commentary suggesting that today’s older people belong to “the lucky generation” obscure the enormous variations that exist. This is particularly stark in terms of poverty and wealth – fewer than half of all retirees have an income big enough to pay income tax. Older people’s median income levels remain lower than those of the population as a whole. Continue reading