One of the biggest misconceptions is that expenses drop sharply in retirement. In reality, Elinor Bantock notes, “As people move away from work and have more leisure time, they’re spending more, they’re enjoying it.” It’s only much later in life, often towards the end, that spending typically declines. That means your retirement plan needs to support years of active living, in addition to passing on wealth to multiple generations.

Sitting in the Julius Baer office in the bustling central London neighbourhood of Farringdon, Elinor reflects on her lifelong passion for hiking - one shaped by cherished childhood trips with her parents and grandparents. Now, she shares those same mountain adventures with her young son. These memories underscore a truth that is central to her advice: planning for a longer life isn’t just about financial stability. It includes having the security to enable a life of purpose, connection and meaningful experiences.

Why does longevity matter now?

Over the last few years longevity has increasingly come into focus for Elinor’s clients, driven by four key factors. “There are four things clashing together at this time that make longevity something we really need to be giving consideration to,” says Elinor.

She identifies these drivers as:

1. Less public provision: With an ageing population and declining birth rate, the traditional model of governments and employers providing for retirement is under strain.
2. Personal responsibility: The shift from defined benefit pensions to personal savings means we must take ownership of our retirement outcomes.
3. Rising costs: With inflation, the cost of living (and giving your family opportunities) continues to climb. As a result, retirement savings must beat inflation where possible, or at least keep track.
4. A new retirement paradigm: The old three-stage life of “school, work, retire” has been replaced by a more dynamic “post-work” era, where many want to travel, pursue hobbies, and spend more.

Women and longevity: A unique challenge

When speaking of longevity and financial planning, one large gap is hard to miss. Globally, women live longer than men and, in the UK, 20% of women aged 55–65 have no retirement provision at all, compared to just 12% of men. “There is clearly something here that needs to be addressed,” Bantock says. In addition to a lack of financial education, she points to several reasons why this gap persists. These include the gender pay gap, time out of the workforce for caregiving, being forced to reduce working hours due to menopause symptoms at a time when pension contributions usually rise, and historic disengagement from financial decisions. Divorce can also be a factor, with many choosing to reside in the family home or not understanding how to take pensions into account. 

As a result, women need to think about saving more than men. While this largely comes down to policy and society, not women’s willingness to take personal responsibility, knowing this, women can take steps to prepare. She believes women need to educate themselves and understand investment options. This includes knowing how risk works, how to use tax-efficient savings vehicles, and how to direct more money into long-term investments. 

Planning for the “what ifs”

Elinor is adamant that modern wealth planning is not just a spreadsheet of assets and liabilities. “It’s now a dynamic blueprint for a long life,” she says. “That means factoring in unexpected events such as losing a partner, market volatility, or health costs.”

One critical “what if” is long-term care. While we are living longer, we will not necessarily live healthier. Work backwards from that worst-case scenario, she advises. That includes setting aside funds and putting legal protections in place, such as a lasting power of attorney, so that trusted people can make decisions if you can’t.

Passing wealth on

Estate planning isn’t only about leaving money when you die. With multiple generations living longer, it may make sense to gift earlier, such as helping children or grandchildren with education, getting on the property ladder, or starting a business. In some cases, you might skip a generation to avoid double taxation. For families with treasured assets, planning how to fund inheritance tax without forcing a sale is key. “It’s about structuring in gifts and support through different life stages.” More than just to heirs, passing on wealth can also include donating to causes you care about, and seeing that impact during your lifetime.

Elinor’s five key considerations for longevity wealth planning

1. Education – Learn how to manage your wealth and pass that knowledge to the next generation.
2. Cash flow planning – Understand when you can afford to retire, how much you can spend, and what you can safely give away.
3. Care costs – Plan for the possibility of needing long-term care and have the right legal documents in place.
4. Investment strategy – Take an appropriate level of risk for a long-term horizon, potentially spanning multiple generations.
5. Estate planning – Keep your will, pension nominations, and structures up to date, and consider ‘Second Death’ Life Assurance or vehicles like Family Investment Companies or Donor Advised Funds.

Education is empowerment

Elinor’s own journey into finance began with a misstep: “At 18, I walked into a bank wanting to save, and chose cash over stocks and shares, not because it was right for me, but because I didn’t know how to invest and thought I would lose my money if I invested.” That experience sparked her passion to help others avoid the same uncertainty.

Her advice is universal, start early, educate yourself, think long-term, and remember that the best wealth plans are not static they adapt as life unfolds. “Education is empowerment,” she says. “It will provide you with financial freedom for the rest of your life and beyond.”