Male retirement age increases

| October 24, 2008 | 0 Comments

The Office for National Statistics (ONS) has established that the average man is working for longer before retiring.

Official figures show that in 1984, the average male retired aged 63.7 years. However this has increased from 64.6 years between April and June this year and is now up to 65.

Meanwhile, the average retirement age for women who had worked past 50 was 61.9, up from 60.7 in 1984.

The ONS highlights that ‘retirement’ doesn’t just mean the decision to stop working but can be due to a shortage of suitable work or ill-health.

However, it also points out the figures are important as the Government is proposing to raise the state retirement age over the next few decades.

The state pension age for women is to rise steadily from 60 to 65 between 2010 and 2020. Thereafter, the pension age will increase further for both men and women from 65 to 68, between 2024 and 2046, under current Government policy.

Commenting on the figures, the ONS questions whether people are extending their working lives due to rising longevity or pressures on pension adequacy.

According to many experts, rising longevity means saving for a comfortable retirement is more important than ever before.

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