Average age of retirement rises as people work longer

According to the latest official figures, we are all working longer. This means that many insurers will have to look again and raise the age limits they have for new customers, for when cover ends, and when they expect people to retire.

New statistics from the Office for National Statistics reveal that people are working longer than they used to. The average age at which people retire rose from 63.8 years to 64.6 years for men and from 61.2 years to 62.3 years for women between 2004 and 2010.

For men, the peak ages are 64 to 66. For women, the peak ages are 59 to 62. Between 2021 and 2051 life expectancy is expected to rise gradually for both sexes. There are inequalities in life expectancy between social classes. The latest estimates for England and Wales show a gap of over three years in life expectancy at age 65 between the highest and lowest classes.

A related question is whether people will be able to enjoy their retirement in good health. In 2008, the latest year for which figures are available, UK men at age 65 had 9.9 years of healthy life expectancy compared with 17.6 years of life expectancy, while UK women at age 65 had 11.5 years of healthy life expectancy compared with 20.2 years of life expectancy. These figures are for the average person and do not take account of differences in socio-economic class or location.

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Average age of retirement rises as people work longer
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