January 'saw rise in people opting for retirement'

Significantly more workers chose to retire in the first month of this year, when compared with the figure seen for September 2009, new research suggests.

Aon Consulting believes that the number of people entering retirement in January was 22% greater than that witnessed four months earlier.

The firm's Commercial Director, Colin Hamilton, feels that this high rate may continue in the coming weeks, as the minimum retirement age is set to go up next month.

"It is important that members are aware of these changes, especially those aged between 50 and 54 who had been planning to retire this year," he commented.

Retirement settlements and quotations have proven popular in recent times because of the impending retirement age change, Mr Hamilton added.

A number of people approaching retirement seem to be opting for enhanced annuities, with Towers Watson research suggesting that sales of these products went up by 24% last year.

Posted by David Shuker.