When Will You Retire?
After October 2011, businesses were no longer allowed to impose forced retirement notices, drawing the long era of the default retirement age to a close.
Recently released statistics indicate the average retirement age in the UK is steadily increasing.
Figures from the Pension Policy Institute show a drastic rise from the 1980’s to the present day, detailing the average retirement age for women in the UK in 1985 at 54. The most recent figures from 2012 suggest a 16 year increase to 70. Men face a smaller increase however, rising from just 64 in 1995 to 72 in 2012.
Looking forward, a small drop occurs in the predicted average retirement age for men, but not for women. In 2050 an average retirement age is forecast at 70 years of age, despite the two year decrease for men, women are faced with a similar age (70) as 2012.
This leaves many, now facing with a working life that spans up to 50 years.
But what if we could retire earlier? Despite the popular belief that life expectancy decreases after retirement, recent evidence shows that those who retire earlier, live longer than those who retire later. A paper conducted on the aircraft-maker Boeing demonstrates that employees who retire at the age of 55 live to an average of, 83 years old. But those who retire at 65 only live, on average to 70 years old.
We are all working to achieve something in our lives. Many things we take pleasure in and that are important to us all have a financial cost, that’s the simple fact of life, so it’s important that all our efforts are managed in a way that enables us to make more of them.
Let Ernest Grant and Zenith Benefits help you as an individual and as employer or employee, monitor and manage your wealth.
Lifetime Financial Planning – for a more prosperous future.