The Real Welfare State Problem
Britain’s ageing population will live beyond 100 in unprecedented numbers, official figures reveal today, wiping out budget savings and leaving the State facing crippling health and welfare bills.
The new analysis shows that 20-year-olds today are almost twice as likely to reach their 100th birthdays as their parents. It leaves all three major parties grasping for policies at the next election to address the growing costs to the public purse.
The number of centenarians will rise dramatically over the next half-century, the Office for National Statistics predicts. In 2009, there were 11,600 but the figure will hit 80,000 by 2033, rising to 276,600 in 2050 and 510,000 in 2066, out of a projected population of 81 million.
The rapid improvement in life expectancy stems from improved medical treatment, housing and living standards, and nutrition. Only 0.6 per cent of those born in 1911 have reached 100, while babies born this year will have a 30 per cent chance of living past 2111.
Ponzi schemes crash when there are more withdrawals than new suckers putting money in.