Women are having to retire later than ever before
Women retire later than ever before, figures show
Women are retiring later than ever before as the increase in the state pension age begins to take effect, according to official figures.
By Steven Swinford, Senior Political Correspondent4:54PM BST 12 Jul 2013
The average age at women now retire is 63, six months later they did in 2012, as they choose to earn more money before retiring.
The rise means most women over 60 are now working, raising signifiant implications for society.
Gemma Tetlow, a director at the Institute of Fiscal Studies, said: “It is a significant change in society.
“It clearly means that women are doing more paid employment. They are less likely to be reporting themselves looking after their home and family.
“It could be crowding out other activities such as caring for older parents or younger children. It could have wide implications. Some of those could be postive, some could be negative.”
The state pension age for women has progressively increased since April 2010. Currently, women have to be at least 61 years and five months to claim it.
By 2018, the state pension age for women will have risen to 65. The average age at which men retire is 64 year and seven months. The increase has saved the government a total of £2.1bn.
The figures, from the Department for Work and Pensions, show that the average age at which men retire is now 64 years and seven months.
Mrs Tetlow said: “The increase in the female state pension age has led to a significant number of women working beyond 60. There could be a financial motivation from people who have a lower income so chose to work more.”
Earlier this week Danny Alexander, the Cabinet minister, hinted that the basic state pension age may have to rise even faster than planned.