Official figures from the ONS show that Brits are retiring later, read the full story here...

Retirement age rises as Brits live longer

Official figures from the ONS show that Brits are retiring later, read the full story here.

By Lana Clements

Brits are taking longer to head into a life of leisure and relaxation, as official figures show the average retirement age is rising.

The average age of men "leaving the labour market" is 64.5 years compared with 63.8 in 2004, according to the Office for National Statistics. The average age for women is slightly lower now at 62.7 years, from 61.2 in 2004.

However, a larger portion of men than women are likely to take early retirement, with 20% of men between 55 and state pension age having left work, compared with just 8% of women. Meanwhile, around one in eight women, and one in ten men are now working past 70.

The figures also showed that the lines between employment and retirement are becoming increasingly blurred; more people are moving towards part-time employment before giving up work altogether.

Mike Morrison, head of pensions development at AXA Wealth, says: "ONS figures confirm the wide spread belief that people are indeed retiring later, and we expect this to rise as state pension age moves upwards. As the time spent in retirement increases proportionately, the need to save and invest for this period becomes ever more important."

"Having a healthy risk appetite at the early stages of saving is vital, so people can take some of the risk off the table as they grow nearer to retirement. People are currently risk averse and unsure as to their own risk appetite."

Mr Morrison goes on to add that "despite the grim macro picture surrounding unemployment and the economy, preparing for retirement has never been more critical".