The World Economic Foundation has projected that average retirement ages in OECD countries, including the UK, will need to increase by an estimated 8.4 years by 2050 to maintain the current balance between working-age and non-working-age populations.

Retirement resilience has dipped and is expected to fall further during 2024 as house prices continue to fall and asset values fail to rise in line with inflation.

Too many Financial Planners are relying on averages for their retirement income planning process, according to DFM Hymans Robertson Investment Services.

Nearly a third (32%) of over-55s have deferred their retirement plans since the Coronavirus pandemic began in early 2020.