They are also looking around for alternative ways to fund their post-working life plans.

Around three in five said they would consider working in retirement, according to the study by pensions and investment company Royal London.

Two in five said they would only work if it enabled them to do more things they enjoyed while almost half said they would if they were struggling to pay their bills.

The research also questioned people’s plans for their retirement years. It found that seven out of 10 of retirees and pre-retirees were experience-focused, favouring holidays, days out and hobbies over material possessions such as houses, cars and expensive art.

Interestingly the figure was higher in the North East with almost eight out of 10 people valuing experiences over material possessions.

Meanwhile just over half mentioned spending time with family as the most important aim for retirement. Just under half mentioned ‘relaxing’ while slightly fewer said that maintaining health and fitness is essential.

Just under one in five said they aimed to become debt-free during retirement while just over one in ten were also aiming to ensure their family members were financially secure during retirement too.

Among those who are yet to retire, nearly four in ten were concerned about being able to afford to live the lifestyle they want in retirement.

Gary Beyer, protection product lead from Royal London, said: “It is clear to see that those aged 55 and over value experiences more than anything else, including material possessions.

“Being able to lead an active, healthy lifestyle, try new things and travel to new places - combined with spending more time with family - is the key to retirement happiness.”

• In June Royal London surveyed 2,000 consumers in the over-55 age group – 1,000 retired/semi-retired and 1,000 planning to retire in the next five years.