There is definitely a trend towards later retirement being identified. The ages at which men retire, assuming they are still working at age 50, has reached its highest levels since records began, government statistics reveal. Office of National Statistics (ONS) figures said the average age at which men (who were still in employment at age 50) retired reached 64.6 in the second quarter of 2008, the highest level since information was first collated in 1984. The equivalent figure for women was 61.9.
It has long been a common belief that rising prosperity would allow each generation to retire earlier (more money in the system) than their parents but reality has now hit home. The longer people are expected to live in retirement, the more money they will need to see them through to the end of their life. Longevity strikes again.
More people are now continuing to pay money into their pensions at ages more usually associated with drawing money out. Unfortunately, stock market falls will further intensify the need for some people to postpone their retirement, but they could find it harder to hold on to their jobs in a recession.
