What is the average retirement age for men and women?

What is the retirement age for women?

There is no specified retirement age. It’s up to you once you have the means to do so. However, State retirement age – the age you can start to claim the State Pension – is 66 years for both men and women. This will gradually increase to 67 starting in 2026 and may continue to rise in the future depending on government policy.

The average age of exit from the labour market increased for both males and females over year to September 2024, reaching its highest recorded level since annual reporting began by the ONS in 1984.

In 2024 , the average age of exit for women was 64.5 years, up by 0.5 years compared to 2023.

What's the retirement age for men?

In 2024, the average age of exit for men from the workforce was aged 65.7 years, increasing by 0.4 years on the previous year.

The State Pension is an important element to consider as part of people’s retirement planning. The current level of the New State Pension is just £11,973 a year, meaning a full state pension typically provides enough to pay for the basics only.

How might the average retirement age change in the future?

The Government recently announced a new Pensions Commission to review the adequacy of people’s retirement provision. If nothing changes, it forecasts retirees in 2050 will be £800, or 8%, a year worse off than those retiring today.

The work will build on an original Commission in 2006 which developed auto enrolment into workplace pensions. With 45% of working adults not saving into a pension, and only around half of workers in the private sector putting aside the minimum contribution level. Research into the barriers and further action to address the problem of pension under saving is much needed.

Clearly, part of this is affordability, reflecting wider societal issues. Many people would like to save more, but can’t. The high cost of either buying or renting a home is taking an ever-larger slice of their resources. Add to that the cost of servicing student debt, and the higher tax burden that everyone is experiencing thanks to fiscal drag and it’s not hard to see why pension saving is under pressure. Most people consider it important, but not as important as putting a roof over their head or paying down expensive debt – completely understandably.

While auto-enrolment has rapidly increased the number of employees contributing to a pension from 55% in 2012 to 88%, total pension incomes for future retirees is projected to decline over the next 20 years compared to previous retirees. We can therefore expect the average age of retirement to increase over the coming decades as people work and save for longer to secure an income they are happy with.

How might State Retirement age for men and women change?

A valuable component of retirement income, the State Pension, looks set to kick in later in the future than it does today. A review of the State Pension by the Department for Work and Pensions concluded its costs could rise to unsustainable levels, which could force the government to hike the age for eligibility or cut the level it pays out.

With Labour pledging to uphold the ‘triple lock’ throughout this parliamentary term – which guarantees the state pension will increase annually by the highest of inflation, wage growth, or 2.5% - major changes to the system are unlikely in the short term. Nonetheless, the rising financial strain may force a rethink.

The triple lock is designed to ensure the State Pension keeps up with, or outpaces, inflation. However, this compounding mechanism is becoming increasingly costly. Initially introduced to prevent pensions from lagging behind earnings, the policy has proven more expensive than expected. The Office for Budget Responsibility (OBR) now estimates that by 2030, the triple lock will cost three times more than originally projected, with total expenses reaching £15.5 billion.

Eventually, action is likely to be required to manage these rising costs. This could involve modifying the triple lock – potentially by removing the 2.5% minimum increase –or raising the state pension age.

Alongside the Pension Commission announced recently, the Government has, as required by law, launched a State Pension Age Review, commissioning two independent reports to help it consider the State Pension age for future decades. Nothing is certain, but this may be closer to 70 by the time millennials or Gen Z are in their 60s, partly depending on to what extent the triple lock is watered down.

This means making your own provision is essential for retiring earlier, as well as providing income more than the State Pension for a more comfortable retirement.

Find out more: What is the average pension pot by age in the UK?

How can you keep retirement goals on track?

• Retirement may feel like a long way off but getting into the retirement saving habit early on in life, even with small amounts, can give you a huge advantage. Time coupled with the right investment strategy can do a lot of heavy lifting for you.
• Aim for a clear and achievable target that will put you on the right track. For example, 12% to 15% of gross salary tends to provide a decent level of income if you are consistent over a 30- or 40-year career.
• Your savings target might seem high, but don't underestimate the power of employer contributions and tax relief to your workplace or personal pension. The higher the employer contribution, the less you need to save yourself.
• Budgeting strategies can help you meet your retirement saving goals. One of the simplest is the 50/30/20 rule that breaks your expenditure into needs, wants and savings – see more in Erica’s video below.

• Understand how the State Pension works and how to find out your entitlement. Consider making payments to plug gaps in your national insurance contributions record where affordable and worthwhile.
• Keep track of all your pensions throughout your career so you can monitor the underlying investments and keep yourself up to date in terms of where you stand.
• You can delay receiving your State Pension and receive a higher amount once you do claim. This can be a consideration if you continue to work beyond state retirement age and you pay tax on the income it provides.
• Always beware of investment scams, pensions can be a particular target of fraudsters operating from unregulated firms.
• Get help with our Retirement Planning services. Whether retirement feels like a long way off or just a few years away, we’re here to help you create a financial plan.
• Use our pension calculator below to check you are on track to reach your retirement income goals from a chosen retirement age.

Use our pension calculator