Rise in UK's average retirement age
Published on 17 February 2012 11:30 AM
People are leaving it later to give up work and retire, official figures have shown.
According to the Office for National Statistics (ONS), between 2004 and 2010, the typical retirement age for male workers went up from 63.8 years to 64.6 years.
During the same period, the average retirement age among women also rose, increasing from 61.2 years to 62.3 years.
The Government intends to increase the UK's state pension age in order to tackle the costs of an ageing population.
The ONS research suggests that in 2010, for each person over and above the pension age, 3.2 people of working age were supporting them.
It is believed that by 2051, this ratio could fall to two, if changes are not made to the state pension age. By 2046, ministers hope to increase this to 68 for both male and female workers.
Among its other findings, the ONS study revealed that in 2008, men aged 65 could expect to enjoy 9.9 years of healthy life expectancy from 17.6 years of overall remaining life expectancy.
For women, these figures stood at 11.5 years and 20.2 years respectively.
Michelle Mitchell, Director-General of Age UK said, 'More and more people aged 65 and over are choosing to work, if possible, in this tough economic climate. For many, the reasons are financial, a result of the decreasing value of their pensions and the rising State Pension Age. Others enjoy the social interaction work brings.
'Age UK believes older workers should be allowed to choose when they retire but often face being shut out of the job market through age discrimination. As a result, the Government and employers must put in place measures to help people in later life keep and find jobs and introduce flexible working to make the most of their often untapped potential.'
Copyright Press Association 2012