It is estimated that half of those born today could expect to be alive at the age of 82.3 years if male and 85.8 if female, according to the Office for National Statistics (ONS).
The data, which was released yesterday unveiled the largest number of deaths for males are expected to occur at age 86.4 years and at age 88.9 for females, if they experience the same mortality rates as were observed in the period 2014 to 2016.
There were 525,048 deaths registered in England and Wales in 2016, a decrease of 0.9% after the large increase seen in 2015, according to the ONS.
PP reported last week that longevity improvement rates fell from 3.1% per annum in 2011 to 1% per annum in 2016, according to a Lane Clark and Peacock study.
The data further revealed healthy life expectancy at birth for males could be 63.1 years for males and 63.7 for females.
An ONS spokesperson said: "This analysis supports the view that mortality improvements in the UK have slowed somewhat in the second decade of the 21st century. This is evidenced by the rate of improvement in life expectancy at birth in the UK falling by 75.3% for males and 82.7% for females when comparing the first half of the second decade with the first half of the first decade."
The life expectancy estimates is a measure of the average number of years a person would live from a given age, if he or she experienced the particular area's age-specific mortality rates for that time period throughout his or her life.
Healthy life expectancy (HLE) is an estimate of the number of years lived in "Very good" or "Good" general health, based on how individuals perceive their general health.
Aegon pensions director Steven Cameron said: "Today's figures add weight to the argument that the huge improvements we've seen in life expectancy in recent decades are slowing. Whether this is a temporary or permanent trend has huge implications for society and there will no doubt be a great deal of research to assess whether the slowdown in improvements is due to lifestyle factors, the rate of progress in medicine or indeed whether there's an upper limit to human life expectancy.
He added how long people live has a major bearing both on how much tax the government needs to raise to fund health and social care services and also how long a retirement individuals need to prepare for.
"There's a reason that social care costs were such a big topic at this year's election, it's because many of us can expect to live long enough to need to pay for care and there's an urgent need for clarity on how much individuals are expected to fund.
"The idea that traditional retirement is dead, is gaining a lot of momentum and many people expect to work on a part-time basis into what are traditionally deemed retirement years. However, it's worth noting that today's figures put healthy life expectancy at 63, meaning that beyond this age many people report poor health, which could make staying in the workforce a challenge."
The PLSA's Richard Butcher says we should all work harder to reconnect with the saver, be open with them and tell them the truth
Trustees lack expertise, time and resources to develop effective communications on technical pensions issues and need professional help, a major review of the British Steel saga has concluded.
In this week's Pensions Buzz, we want to know if you think trustees should consult directly with members before agreeing to a DB superfund buyout.
Thousands of savers taking tax-free lump sums ahead of retirement are at risk of a pensions shortfall in later life due to neglecting their remaining pot, Zurich has warned.