Preparing for retirement has never been more critical says AXA

Yesterday, the Office For National Statistics (ONS) released a report showing average retirement ages for men and women rose by one year between 2004 and 2010. Mike Morrison, head of pensions development at AXA Wealth, said the findings "confirm the wide spread belief that people are indeed retiring later, and we expect this to rise as state pension age moves upwards." The ONS Pension Trends Survey revealed on average men now retire at 64.6 years, while women are retiring at 62.3. As time spent in retirement will also increase due to people living longer, AXA has said the need to s...