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Employee reward and benefits news
Retirement age rising
The retirement age is rising as Brits live longer, new research shows, with many men now waiting until near state pension age before they retire.
New figures from the Office for National Statistics Pension Trends Report reveal that men leaving the workforce in the middle of 2011 were aged 64.5 years old on average, compared to 63.8 in 2004.
This contrasts with the mid-1990s, when the average age of a male retiring stood at 63, with many others leaving work even before this age thanks to generous employee benefits if they did so, in what was known as the golden age of early retirement.
It was also revealed that men are more likely than women to take early retirement, with 20 per cent of men between 55 and state pension age having left work, as opposed to just eight per cent of women.
Furthermore, around one in ten men are now working past the age of 70.
Posted by Editorial Team
February 21st 2012
