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Retirement is often seen as a welcome reward for decades of life contributed to working. Britons traditionally look to retire at state pension age, as it is at this point they are likely to receive the sum to which they are entitled from the government. But new figures have revealed retirement does not appear to be on the agenda of increasing numbers of people.
Both men and women have been found to work later in life, with gradual increases noticeable since the 1990s.
Statistics from the Department for Work and Pensions (DWP) showed the shift in attitude to work-life and working age.
In 2020, on average, men stopped work at 65.2 years old, an increase from the 63.3 recorded twenty years ago.
This was compared to an average retirement age of 64.2 for women in 2020, compared to 61.2 years old in 2000.
Of course, retirement for many Britons is dependent on a number of factors.
The goals a person has for their later life and when they would like for these to be achieved often has some bearing.
In addition, health and social needs can also influence a person’s decision to leave or remain in the workforce.
But the amount of money a person has saved to see them through their later years, of course, has a palpable effect.
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Sarah Coles, personal finance analyst at Hargreaves Lansdown, commented on the findings.
She said: “It’s not safe for any of us to assume we’ll be able to keep working through our 60s and into our 70s.
“We need to protect ourselves from the risk that we have to stop work earlier than planned.
“This means paying whatever we can afford into our pension, as soon as we can afford to do so.
“We also need to get to grips with what happens to the money that we put into our pension, so we can be sure it’s working as hard as possible for us.”
Of course, in recent years, retirement is likely to have been affected by the changes to state pension age.
Alterations to the eligible age have been taking place incrementally, however, last week a significant change took place.
From Sunday, anyone born between September 6, 1954 and October 5, 1954 will have reached the state pension age.
The state pension age is now 66, regardless of a person’s gender, as part of the government’s plan for equalisation.
But there are also further changes on the horizon, which could affect when Britons decide they would like to retire.
In the future, according to the government’s timetable, the state pension age is set to rise to 68.
This is likely to affect millions of people right across the country and their plans for departing from the workforce.
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