The vast majority of people expect to retire between the ages of 66 and 70, but one in six are still unsure about when they’ll stop working, says Hargreaves Lansdown.
Data from the investment platform found a third of people believe they will retire somewhere between 66 and 70, while a quarter (24%) expect to stop working between 61 and 65 and just under a fifth (19%) believe they will retire before the age of 60.
However, 16% said they have no idea when they would retire, including 16% of over-55s. It compares to just 9% of 18-34 years old who said the same.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “The over 55s are more likely to be in the dark than those aged between 18 and 34 about their retirement prospects. This could be for a variety of reasons. Some could love what they do and have no plans to stop, others may have not yet really engaged. Others may have realised that right now, they don’t have enough and are playing catch up so want to keep their options open.
“It might also be young people having confidence in when they want it to happen, before complexities have time to come up, like affordability.”
Morrissey said the findings highlight the importance of regularly checking pension pots and retirement planning to give people an idea of how much it will cost and how much they need to have saved. Morrissey also urged people to track all their pensions and contact the government’s Pension Tracing Service to help find lost pensions.
The findings also demonstrate the importance of the state pension, said Hargreaves Lansdown, which often forms the foundation of people’s retirement planning.
“The fact that the most popular response for when people will retire is between 66 and 70 is testament to this, given the state pension age is currently 66 and on its way up. Planning for retirement can seem like a complex prospect but having an idea of what you want and when you might like it to happen can really help you take control,” Morrissey added.
