Wednesday, 2 February 2011

Britons are working longer before retiring - official

New figures from the Office for National Statistics throw into stark relief the growing tendency for men and women to work longer and retire later.

Over five years, the average retirement age for men has risen to 64.5 years from 63.8, while women carry on working until 62, up from an average of 61.2.

They are the clearest official data on a trend which could begin to accelerate, now that the state pension age is being raised and many pensioner households face higher costs and shrinking incomes.

The figures apply to 2009, which is the latest year in which statisticians can marry up the different surveys needed for the calculation.

There is proof, as well, that men can expect a shorter retirement than women.

At every age between 51 and 75, men's life expectancy once they stop working is lower than women's.

For instance, a 58 year-old man can expect to work 2 years longer than a woman of the same age. But from the date that they both stop working, the man's retirement is likely to be 5 years shorter.

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