More Brits working past retirement age

Brits are now working longer in life than ever before.
 
New official data show the average age at which men, who were economically active at 50, retired hit 64 years and seven months in the second quarter of 2008 - the highest level since this data first became available in 1984.
 
Women are now retiring on average at 61.9 years.
 
At total of 12.3 per cent of women of state pension age and over are now in employment, while 10.7 per cent of men remain working.
 
Paul Macro, senior consultant at consultants Watson Wyatt, said: "The number of people working past state pension age has continued to rise even after overall employment levels started coming down this year, but it’s still early days. 
 
"Stock market falls will intensify the need for some people to postpone their retirement, but they could find it harder to hold on to their jobs in a recession."
 
The number of people above state pension age in employment rose by 52,000 between December 2007 and July 2008, a period during which the total number of people in employment fell by 35,000. 
 
The number of people above state pension age in employment stood at 1.325 million in July 2008, having been below one million four years ago.
 
"For a long time, it was a common belief that rising prosperity would allow each generation to retire earlier than their parents but reality has now bitten," Mr Macro said.
 
"The longer people are expected to live in retirement, the more money they will need to see them through to the end of their life. For those lucky enough to be in a final salary pension scheme, that’s largely the employer's problem.
 
"For everyone else, it means saving more or working longer. We’re now seeing more people continue to pay money into their pensions at ages more usually associated with drawing money out." 
 
The majority of those working after retirement age work part time the figures reveal.
 
Some 6.8 per cent of men and 8.6 per cent of women of retirement age or over were in part-time employment.