The data comes from a survey of 1,500 people carried out by Opinium on behalf of Hargreaves Lansdown in April 2025.
The study found that 16% of people thought they would retire before the age of 60, while 50% thought they would retire between the ages of 61 and 70. One in seven (14%) expected to retire after the age of 70.
The news comes just days after legendary investor Warren Buffett announced his retirement at the age of 94, while Pope Leo XIV has become head of the Catholic Church at 69 years old.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “While continuing to work because you love what you do is a huge positive, no one wants to be in a position where they have to keep working because they don’t have enough put by in their pension.
“Recent data from HL shows half of people were planning to retire at some point in their 60s, with 23% planning to do so at some point between the ages of 61 and 65 and a further 27% earmarking the period between 66 and 70. This makes sense given that most will plan to retire at some point around their state pension age.
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“However, while 16% of people were targeting retirement before the age of 60, there were a further 14% who thought that might not happen until they hit their 70s. This could be because they love what they are doing and don’t think they will want to stop, or else it could mean they don’t think they’ve got enough. More than one in five didn’t know.”
Retirement planning is vital
Further data from Hargreaves Lansdown’s Savings and Resilience Barometer shows that just 36% of households are on track for a moderate retirement income.
Experts suggest that having a plan for what you want your retirement to look like is vital. For some, it will include lots of travel, while others will want something more modest.
Once you’ve got an idea of what you want, then you can begin to estimate how much that might cost. Using an online pension calculator will give you an idea of how much you are on track to receive. If it’s enough then that brings real comfort, if it isn’t you still have time to do something about it.
According to a study by Fairer Finance, about half of households will need to use housing wealth to fund retirement.
Morrissey said: “Taking actions such as increasing your pension contribution every time you get a pay rise or new job can be a good way of boosting how much goes into your pension. Checking in to see if your employer is willing to pay in more if you do through an employer match is another way of increasing your retirement pot without necessarily having to put much more in yourself.
“Taking actions like this on a regular basis means that whether you plan to stop work at 60 or work into your 70s and beyond, you have control over that decision and can retire on your own terms.”
