Research from Fidelity International shows younger workers expect to work the longest, with two fifths (40%) expected to go to 70 or beyond. However, those aged 55+ also recognise that retirement may be hard-won, with 24% not expecting to retire before they hit their 7th decade.

The recent Cridland report accelerated the rise in state pension age to 68 by 2039. Around half (51%) still expect to be able to retire before age 68.

This is not exclusively a question of lack of finances with around 9% saying they don’t want to retire. This echoes previous surveys that suggest some people crave the sociability of the workforce and extra cash it gives them.

Ed Monk, associate director for personal investing at Fidelity International, said: “It’s been clear for some time that the days of being handed the embossed fountain pen at age 60 have more or less gone. Today’s workers appear to be under no illusion that they will need to work for longer and, for most, it will be through necessity.

“Of course there are limits on how far this is possible. Even the gradual rises in state pension age already scheduled, however necessary, will be a worry for those in physically demanding work. And even if your work is something less strenuous that you enjoy few people will want to work flat out until 70.”

Retirement is not always a choice, with some people forced to retire because of ill-health. Monk suggests that saving as early as possible can help give retirees a range of options. He adds: “Delaying pension contributions by ten years can halve the size of your pot – for example, someone saving £200 a month from age 25 onwards will reach a fund of £706,261 but delay this until 35 and the amount nearly halves to £362,107.”

See YourMoney.com’s Plan to work past state pension age? The key tax and income implications to note for more information.