Retirement Is Changing: Only 16% Expect to Stop Work Completely

The traditional idea of retiring on a specific date and never working again may be becoming a thing of the past, according to new research from Aegon UK's Second 50 campaign.

Research conducted by Opinium on behalf of Aegon found that just 16% of UK adults expect to leave work entirely and move straight into full retirement. Instead, most people anticipate a more gradual transition, with many planning to continue working in some capacity during later life.

The findings reveal that 30% expect to remain in work after reaching retirement age, while 23% are unsure what their retirement journey will look like. A further 31% say they would like to continue working for a variety of personal and lifestyle reasons.

Why People Want to Work Beyond Retirement

Among those considering working later in life, the most common motivations extend well beyond financial necessity.

• 41% want to keep their minds active.
• 35% value the work-life balance that employment can provide.
• 30% believe work supports their physical and mental wellbeing.
• 24% simply enjoy working.
• 16% say work gives them a sense of empowerment.
• 11% feel that remote and flexible working opportunities make continued employment more attractive.

The results suggest that, for many people, work remains an important source of purpose, structure and social connection long after traditional retirement age.

Confidence in Retirement Remains Uneven

While retirement expectations are changing, confidence about financial security in later life remains mixed.

Just over half (53%) of those surveyed said they are confident they will be able to maintain a comfortable lifestyle throughout retirement. However, 39% said they lack confidence about their financial future, while 9% remain unsure.

The research also highlighted a significant gender gap. Nearly half of women (45%) said they were not confident they could maintain a comfortable lifestyle in retirement, compared with 31% of men.

Retirement Becomes a Transition Rather Than an Event

Aegon believes the findings point to a broader shift in attitudes towards retirement. Rather than viewing retirement as a single event marked by the end of full-time employment, many people are increasingly seeing it as a transition that combines work, leisure, family time and personal goals.

Longer life expectancy, greater workplace flexibility and changing lifestyle expectations are all contributing to a more varied approach to later life.

Our View

Today's retirees face very different opportunities and challenges compared with previous generations. As a result, retirement planning is becoming less about setting a fixed retirement date and more about creating a flexible lifestyle that balances financial security, wellbeing and personal fulfilment.

For advisers and individuals alike, the findings reinforce the importance of building retirement plans that can accommodate changing goals, phased retirement and continuing employment opportunities.

The Opinium survey was conducted on behalf of Aegon UK between 25 and 28 August, with responses from 2,000 UK adults weighted to be nationally representative.