Only 16% of UK adults expect to stop work completely and enter full retirement with 30% expecting to continue working in some capacity during later life.
Almost a third, 30%, expect to continue working in some capacity during later life according to new research from Aegon's Second 50 campaign.
The firm claims the research suggests the era of the traditional 'hard stop' retirement may be fading, as people increasingly expect later life to look different from the conventional path of working full-time before stopping work altogether.
The largest single group identified in the study, however, remains those who do not yet know what their transition into retirement will look like, at 23%.
For many people, continuing to work beyond traditional retirement age is a positive choice rather than a financial necessity, according to the study.
The most common reasons are wanting to keep their brain active (41%), maintaining a good work-life balance (35%), supporting their physical and mental health (30%) and enjoying work and working life (24%).
Others say feeling empowered to continue working (16%) or increased flexibility through hybrid and remote working (11%) has made extending their career more appealing.
The findings also showed that confidence and certainty about later life are far from universal. While 53% of UK adults say they are somewhat, very or extremely confident they will be able to maintain a lifestyle they consider comfortable throughout retirement, 39% are not confident and 9% do not know.
Women are significantly less confident than men, with 45% saying they are not confident they can live comfortably in later life compared with 31% of men.
Kate Smith, head of pensions at Aegon UK, said: “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.”
• Research was conducted by Opinium on behalf of Aegon UK’s Second 50 campaign. The survey polled 2,000 UK adults, weighted to be nationally representative. Fieldwork took place between 25 – 28 August.