Russell’s view – May 2026

How long do you think you’ll live for?

Without being too morbid about it, this is an important question for all of us.

It’s also a factor in financial calculations such as annuities.

Yet there is another aspect to life expectancy which people often miss: how many years of healthy life do you think you’ll have?

This is arguably just as important as overall life expectancy – and should have an equal influence on how you plan for your later years.

What does ‘Healthy Life Expectancy’ mean?

The Office for National Statistics classifies Healthy Life Expectancy (HLE) as the number of years people are expected to spend in “good” general health.

This figure may well make you see life rather differently.

What is the average healthy life expectancy in the UK?

In the UK, men can expect to spend an average of 60.7 years in “good” health with women faring slightly better at 60.9 years.

In some cases, the prospects are worse.

For example, while in some areas of London and the South East people have a healthy life expectancy of almost 70, in Blackpool, men have an average HLE of just under 51.

This means that well before the State pension age, you could be living a life which is limited by poor health.

Why healthy life expectancy matters

So, apart from potentially depressing you, what is my point in sharing these statistics?

It all goes back to the basic principles of financial planning which underpin everything we do here at Fairstone.

We work with you to help your money grow so that you can achieve your financial goals, whether that is retiring early, travelling around the world, putting funds aside for your loved ones or something else.

Whatever it is you are building wealth for, it is important to always bear in mind that the process of wealth accumulation is a means to an end, not an end in itself.

Wealth is important for what you can use it to do, not for what it is – it’s a tool, not a trophy.

Moving from saver to spender

It can be challenging for many people to switch their mindset from being a saver to being a spender.

Shifting from accumulating wealth to using it can take some getting used to.

One of our advisers told me how a client at a recent meeting was anxious and worried, despite having assets well into seven figures.

Try how he might, he could not contemplate using some of the wealth he had accumulated over the decades, fearful he might not be left with enough.

This ‘fear of tomorrow’ is more common than you might think.

The danger of not using wealth while you can

However, with changes to the inheritance tax regime coming in April next year, people who hold on to all their assets ‘just in case’ could end up giving 40% of them to the Government rather than their loved ones.

And returning to the theme which I started with, there is a danger that if you continually put off that dream holiday you’ve always promised yourself or that round-the-world adventure you’ve planned for decades with your other half, you may end up not being well enough to enjoy it.

Spending money on yourself and your family while you are healthy is one of the great joys of life so make sure you don’t miss out on it.

Don’t let doing something ‘one day’ not happen on any day.

How financial advice can help you make the most of life

None of us know what is round the corner.

However, working with a financial adviser can help you plan for a whole series of eventualities – good and bad.

Creating a robust financial plan that’s flexible enough to change with your circumstances can help you face the future with confidence, whatever that may bring.

They can help you balance your current needs with what you want to leave when you’re no longer around.

And if you need some ‘permission’ that spending some of what you have accumulated is the right thing to do, just ask your adviser.

They will be able to give you an honest and informed opinion on your personal financial situation – and how using some of what you have accumulated will affect it.

Advisers for life

Fairstone has expert advisers who can help you at every important stage of life, from buying your first home to planning your estate.

Get in touch with a Fairstone adviser to find out more.

Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Tax treatment depends on individual circumstances and may change. The value of investments can go down as well as up and you may not get back the full amount you invested. Past performance is also not a reliable indicator of future performance. Always seek professional advice before making financial decisions.