Retirement is increasingly being viewed as a flexible transition rather than a traditional hard stop, with only 16 per cent of UK adults expecting to stop work completely, according to research by Aegon.

The study found that 30 per cent anticipated continuing to work into later life in some capacity, comprising of 17 per cent who expect to work differently in retirement and 13 per cent do not expect to consider themselves retired at all.

Meanwhile, 19 per cent expect to gradually reduce their hours before retiring, and 10 per cent would consider moving into a completely new role.

Among those expecting to work later in life, 23 per cent said they had not saved enough for retirement.

Regarding retirement income, 20 per cent were concerned it would not meet their needs, and 17 per cent expected it to be lower than anticipated.

Confidence also varied, with 53 per cent saying they were somewhat, very or extremely confident they can live comfortably in later life, while 39 per cent were not confident and 9 per cent did not know.

The findings also revealed a gender divide, with 45 per cent of women saying they were not confident they can live comfortably in later life compared with 31 per cent of men.

However, many people viewed working beyond retirement age as a choice rather than a necessity.

Aegon found that 41 per cent wanted to keep their minds active, 35 per cent valued the work-life balance, 30 per cent cited physical and mental wellbeing, and 24 per cent said they simply enjoyed working.

Aegon UK head of pensions, Kate Smith, commented: “Life after 50 looks very different compared with previous generations, and for many it can feel like uncharted territory.

“Retirement is no longer viewed as a single moment in time, instead, people are increasingly thinking about how work can fit alongside other priorities and aspirations in later life.

“Decisions about the different parts of life are deeply connected, and people are often trying to make sense of several moving parts at once when planning for later life.”

She said many people were considering different ways of working later in life, including reducing their hours, changing roles or remaining in work for longer. She added retirement was increasingly being viewed as a matter of choice and flexibility rather than a fixed end point.

Smith stated: “While it's encouraging that more than half of adults feel confident about their future, our findings show that confidence isn't shared equally, particularly among women.

“Helping more people feel informed and supported to make decisions about later life will be an important part of building that confidence."

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