SunLife’s research also showed 18% supplement their income with extra earnings such as Air BnB and selling on eBay.

The proportion of retirees who felt they gave up work too quickly, rose to 88% for those who were aged 70+. On average, those that are retired or semi-retired said they did so two and a half years too early.

Those aged 70+ believe they retired three years too early. Less than 10% said they think they retired too late and just 5% they got the timing right.

SunLife’s research also showed that a fifth of retirees have been earning money in other ways. Thousands of people who retired from their main job have gone on to start their own business, while 18% earn money by doing things like selling items on eBay, renting out property, private tutoring, exam invigilating and working for the elections office. Others are using their skills to make crafts and cakes to sell while others even model for art classes.

Ian Atkinson, marketing director at SunLife, said: “Our research shows that people aged 50 and over feel 10 years younger mentally and almost four years younger physically, so, far from being ‘over the hill’, people in their 50s, 60s and 70s are feeling fit, healthy and sharp, which could explain why so many feel they gave up work too early and why so many are starting new careers.

“Many people in their 50s, 60s and 70s have made big changes in their work lives, by either dropping to part time, or giving up stressful careers to do something they are more passionate about. Far from being the end of working life, for many, turning 50 actually offers a brand new start.”