28/11/2003

Women want to retire later, claims report

New research published today shows that a third of women in the workforce aged 50 and over plan to retire after State Pension Age (SPA).

Almost a third of the workforce, both men and women, aged 50-69 want to retire gradually by reducing their working hours prior to fully retiring, the survey found. Currently, the State Pension Age is 60 for women and 65 for men – but between 2010 and 2020, the State Pension Age for women will rise progressively from 60 to 65.

The findings were published in the Department for Work and Pensions' research report 200 'Factors Affecting the Labour Market Participation of Older People', which asked 2,800 people about a range of issues including what influenced their decisions on when and how they would wish to retire.

The findings suggested that those in self-employment find it easier to retire gradually, with 65% saying that was their intention compared to 25% of employees.

Welcoming the report, Minister of State for Pensions, Malcolm Wicks, said: "This report confirms that many of those nearing, or at, State Pension Age do not necessarily want to stop working completely, but instead want to choose how and when they stop working.

"We must respond to this demand and help people to be able to make choices that ensure they can enjoy their retirement the way they want."

The research is based on a sample survey of 2,808 people aged 50 to 69. The sample was drawn from the Department's Family Resources Survey (FRS) with a boost sample of people in receipt of Incapacity Benefit and/or Income Support, selected from benefit records to ensure adequate coverage of this group. Survey respondents were interviewed face to face.

(gmcg)

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