As people are living longer and, in some cases, healthier lives, one question that influences retirement and pension age is ‘how old is ‘old’?’ New research shows demonstrably different opinions across the UK.
The most common view, with just 15 percent, is that 70 to 74 years old represents a tipping point into the golden years, according to the survey by online pension provider PensionBee.
However, the perception of old age varies greatly.
The nationally representative survey of 1,000 people found that young adults think dotage hits people as they reach 60, a view shared by people approaching or just into their 60s.
For young adults, aged 18 to 24, this was the most prevalent view with 20 percent agreeing 60 is old. A similar proportion (23 percent) of people nearing or at retirement, aged 55 to 64, agree. Yet 60 is lower than the average retirement age of 65 and the state pension age of 66.
Early midlife adults, aged 35 to 44, considered themselves to be old, with nearly a fifth (19 percent) stating that they perceive 40 to 44 onwards to be old, and 13 percent saying 35 to 39 onwards is old. This is despite 36 being the age many people buy their first home, PensionBee says.
However, the older you are, the younger you feel, the research shows. It found that nearly a third (32 percent) of adults who’ve already reached the average retirement age of 65 believe that old age starts at 70 to 74, which is when many people are already well into retirement.
In terms of how men and women perceive age, the most common view of old among men was age 70 to 74 onwards with 17 percent of survey respondents. For women, who tend to live an average four years longer than men, the most prevalent view is that it starts from 85 to 90 years old, accounting for 13 percent of respondents.
The survey also revealed a geographical north-south divide, with most adults living in the north of England (13 percent) agreeing that old age begins at 60 to 64 onwards, compared to people in the south who say it doesn’t start until age 70 to 74 onwards (15 percent). Researchers said this may be because Britons living in the south tend to live three years longer on average than people in the north.
Almost a fifth (16 percent) of UK adults who are married or in a domestic partnership say that old age begins at 70 to 74 onwards. But for most single people (14 percent), it starts as early as 50 to 54.
Becky O’Connor, director of public affairs at PensionBee, said: “It appears you really are as old as you feel.
“This research suggests it’s hard to find consensus on what age people consider counts as being old these days. Many people who are approaching mid-life think that they are almost old already. On the other hand, many people already in their retirement years have pushed back their definition of old to much later. Perhaps this is a sign they feel younger at heart.
“Longevity is increasing, so you’d expect that the age people think of as old will increase over time. Perception about your age can influence whether we keep working or choose to retire earlier or later and may impact what decisions we make to plan for retirement.”
