Sunday, November 25, 2007

United Kingdom: Prudential Survey Shows Workers Retiring Early, but Golden Age is Ending

Accounts of a new Prudential survey in the United Kingdom state that, despite widespread concern about the pensions crisis, people planning on retiring in 2008 have in many cases never had it so good. Nevertheless, according to the Prudential Class of 2008 Retirement Report, 2008 could be the beginning of the end for the golden age of retirement with younger generations facing a very different retirement future as experts warn 80% of final salary schemes are now closed to new members.

Reporting to be the first major study of people retiring in a specific year, the study finds the average age for men to give up work is 60 while women are retiring at an average 58 compared to statutory retirement ages of 65 and 60. Specifically, around 11% of men retiring in 2008 will be more than 65, while 33% of women will be more than 60.

Source: "Retiring next year? You've never had it so good" (November 24, 2007)

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