So here the small print for my post above.
I slightly underestimated the ages in my example. These figures come from the GAD website, Demographics section, the 2010 cohort based life expectancy tables. (E1 for high life expectancy, whole of UK, and F1 for low life expectancy, UK). Some one 40 this year with a high life expectancy might expect to live another 51.5 years, while someone 40 this year with a low life expectancy could be expected to live another 42.4 years. That’s 91.5 and 82.4 years respectively.
Someone 18 this year, with a low life expectancy could expect another 63.5 years, taking them to 81.5. I should point out, I’m not qualified to give financial advice – but I’d still say you’ll need a pension.
I haven’t found the “7 year difference” article again yet, but I’ll add it when I do. I did find this useful document from the office for national statistics which talks about all causes of death, and why we are all living longer leading to the pensions crisis.
Health Statistics Quarterly - No. 45, Spring 2010: Quantifying the contribution of leading causes of death to mortality decline among older people (Pdf 1218Kb) (can't get that URL to work, sorry)
What’s increasing (liver disease) and what’s falling (highest is heart disease). Here is a quote about the decline in deaths from diabetes in just a 14 year period - "The other conditions with the largest relative declines in mortality rates were asthma (63.7 per cent decline), IHD (51.5 per cent), stomach cancer (50.6 per cent) and diabetes (42.6 per cent).”
Thanks for asking the question, hope the answer is reassuring.