Of those deferring their retirement, a third claimed they did not want to retire yet, while two thirds said they were putting it off because they couldn’t afford to retire as originally planned.
Giving up work before growing too old was still an aspiration for many. The average age of people planning to retire this year was 60, a similar age to last year’s study and seven months younger than in 2010.
Vince Smith-Hughes, retirement income expert at Prudential, said: “One thing this year’s retirees have in common is that they’re actively making choices about when and how they will retire.
“Although many people think the idea of retiring as early as 60 is out-dated, the majority of this year’s retirees are defiantly sticking to that plan.
“It’s likely that many of these people will have accumulated benefits in final salary pension schemes that generate an acceptable income in retirement perhaps signalling that the golden era of retirement for baby boomers isn’t over yet.”
Smith-Hughes however added that it was undeniable that there was a new retirement reality for a significant number of retirees.
He said: “People are living longer and for many the very real prospect of a thirty year retirement is either unpalatable or unaffordable hence the decision by many to continue to work.
“Retirement is also becoming a more opaque concept, with many people working part-time, either out of necessity or desire.
“To stand the best chance of having a comfortable retirement which starts when you want it to, it’s important to seek professional financial advice on saving for a pension and on what post-work income options are available.”
