Falling Annuity rates help push up retirement age

According to new figures release by the Office for National Statistics (ONS) the average retirement age has risen over the past few years. The report shows that between 2004 and 2010 the average retirement age for men rose from 63.8 years to 64.6 year. For women the jump was larger, from 61.2 years to 62.3. This trend is expected to continue as the state pension age increases, pension fund values remain volatile and Annuity rates drop. Later retirement There are a number of reasons why the average retirement age is increasing. The state pension age is rising, particularly for women, which in turn ...