Living longer: Can we afford it

In this episode of "Short Briefings on Long Term Thinking," Malcolm Borthwick interviews Steven Hay about the financial implications of living longer lives, inspired by the book "The 100-Year Life." They discuss the need for individuals to take responsibility for their financial planning, save more, and consider working longer. Steven emphasizes the importance of flexibility in investment strategies, advocating for growth assets like equities and diversified income-generating assets such as infrastructure, rather than relying solely on traditional annuities. He shares a personal anecdote about his father's dividend income crisis to illustrate the need for stable and diversified income sources in retirement, highlighting the psychological challenges of planning for the distant future and the importance of considering personal circumstances and preferences. The episode concludes with Andrew Scott, co-author of "The 100-Year Life", discussing whether a longer life is a blessing or a curse, depending on how well one prepares for it.