Retirement is proving to be a distant dream for many Britons, according to recent government figures13 which have revealed a spike in people working in later life.
On average, men stopped working at 65.2 in 2020, nearly two years up from 63.3, in 2000. For women, the average age of exit from the working environment in 2020 comes in at 64.2, up three years from 61.2 two decades ago.
For many, the rise in the state pension age has been a deciding factor for choosing when to retire. The state pension age is now 66, regardless of gender, and it is due to rise to 67 from 2026 and 68 from 2037.
However, you need to bear in mind that unforeseen events could play a large role in forcing retirement upon you – of the 2.1 million 50 to 64-year-olds who were not in work between April and June 2020, just over a fifth said they had stopped for health reasons and a further 15% said they were made redundant or had been sacked. 13DWP, 2020
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