Gender differences in the ages at which people retire have almost disappeared, with both men and women retiring at an average age of 64 years old, according to a report published by longevity thinktank Phoenix Insights.

The report showed a seven-year increase in the average retirement age for women, as in 1994, women retired at an average age of almost 57 years, while men retired on average at 61.

However, it found that while retirement happens later, so does the start of the average career.

In 1994, 27 per cent of 18-year-olds were students, while in 2024 the proportion of 18-year-olds who are students stands at 48 per cent. Similarly, in 1994, 73 per cent of 65-year-olds were retirees, while today only 39 per cent have retired.

Increases in state pension age could in part account for the shift, the thinktank said; between 2010 and 2018, the state pension age for women increased from 60 to 65, and between 2018 and 2020 this rose to 66 for men and women.

But the report suggested that for increasing numbers of people the state pension age is largely symbolic rather than a signal marking end to working life; 45 per cent of non-retirees today think they will work beyond their state pension age.

Phoenix highlighted an increase in people moving into self-employment in later life, with one in five workers over the age of 60 in self-employment and one in three of those over the age of 65.

Crucially, though, two-thirds of those self-employed workers aged between 60 and 65 have no private pension savings, suggesting that working in this way is often a question of necessity rather than choice.

Phoenix Insights’ head of research and analysis, Patrick Thomson, said: “There have been dramatic shifts in how we retire in recent decades. Thirty years ago, women typically retired in their mid-50s and men in their early 60s.

"Today, those gender differences have all but disappeared, with both men and women retiring on average at 64.”

He added: “State pension age increases has been the primary driver behind this, but it’s not just about changes to pension policy.

"Women now make up a much bigger part of the workforce and greater workplace flexibility means more people now transition to retirement gradually, staying in work for longer on reduced hours.

"There has also been a trend towards self-employment among the over-50s. This can give people more choice and control over their working life, but may also be due to being unable to find work with an employer.”

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