And finally…More and more never want to retire

When asking the over 50s about the biggest issues they face when they retire, 41 per cent said having enough money to do the things they want to do was their main concern, while one in five (20 per cent) said they were worried about losing the social aspect of work, but the same number also said they were worried about being bored.

The research, conducted by YouGov for Retirement Advantage, also suggests nearly half (47 per cent) of the over 50s expect to switch to part time work when they retire, and a further fifth (22 per cent) expect to take on an unpaid voluntary role.

Andrew Tully, pensions technical director at Retirement Advantage, said: “A significant minority of the over 60s are not planning to retire. While this might sound extreme, for many people, it’s about quality of life, staying active and engaged in society without the pressures of full-time work. But we shouldn’t ignore the fact that for some people this will be a necessity to boost income.

“The research demonstrates the traditional idea of a cliff edge retirement at state pension age is well and truly in the past. What we’re seeing instead is a phased approach, where retirees expect to continue to work in some capacity beyond traditional retirement age. The high number of people hoping to move into unpaid voluntary roles highlights how important continuing to make a contribution is for many people, as well as their desire to avoid losing the social aspects of work.

“What people want and expect from retirement has changed. Now it’s time for the pension industry to evolve as well. Products and services need to allow retirees the flexibility to vary their income across their retirement as they need it. With many retirees considering easing into retirement by continuing to work in some capacity, the pension income they require on the first day of retirement will quite often be completely different to what they need ten years later.”