The same number (16%) of all the 1,600 UK adults surveyed by Hargreaves Lansdown were also unsure when they would stop working.
Less than a tenth (9%) of millennials and Gen Z adults aged between 18 and 34 years old said they had no idea when they would retire.
Meanwhile, almost a fifth believed they would retire before the age of 60 and a quarter thought it would be between the ages of 61 and 65.
Most respondents said they think retirement will come between the ages of 66 and 70 – when they would be eligible for receiving the state pension.
The average age for retirement is the same for both men and women, according to Phoenix Group’s research.
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Its Phoenix Insights study found that 64 is the average age people retire, with the state pension age of 66 years old set to rise for everyone from May 2026. An increase in the state pension age to 67 will gradually apply to everyone born on or after April 1960.
‘People far fuzzier knowing when retirement will happen’
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “Many of us look forward to retirement as a time to leave the 9-5 grind behind and have more time for friends, family, travel and rest.
“However, people are often far fuzzier when it comes to actually knowing when retirement will happen – a whopping 16% of us have no idea.”
The reason for so many UK households being unsure of when they will stop working is down to a “variety of reasons”, according to Morrissey.
She said: “Some could love what they do and have no plans to stop, others may have not yet really engaged. Others may have realised that, right now, they don’t have enough and are playing catch-up so want to keep their options open.
“It might also be young people having confidence in when they want it to happen, before complexities have time to come up – like affordability.”
Morrissey also highlighted the importance of keeping track of your pensions, so you are clear on what amount you have to live on after working life.
She said: “Having an idea of what you want from your retirement can give you an idea of how much it will cost, and this in turn can give you a sense of how much you need to have saved. There are a variety of online pension calculators available that can help you do this.
“You can plug in your pension details, and it will tell you how much you are on track for and how much income that will generate for you in retirement. You can even model the long-term impact of contributing more over time if you can afford the extra contributions.”
Every time you switch jobs, which happens an average of four times in a lifetime, you’ll more than likely have a change in pension providers too. This can cause a range of different pots of varied amounts, which can get ‘lost’ – the value of which stands at £31bn in the UK.
Some pots that can be unchecked for decades can grow into an attractive sum for savers.
Tracking how much is in each pot can often require laborious tasks of finding old payslips or P60 forms or contacting previous employers to find out who the provider was.
However, this ought to be made easier once the Government finishes work on its delayed Pensions Dashboard Programme, which is set for 31 October 2026, once work begins next year.
But the date for the system to be ready for public use has still not been confirmed.
‘Consolidate your pensions’
On managing your pension kitties, Morrissey said: “Once you’ve tracked down your pensions, it can make sense to consolidate them. Having them all in one place gives a better idea of what you’ve got and improves retirement decision-making.
“However, make sure you aren’t incurring expensive exit fees by doing so. You also need to make sure you aren’t missing out on benefits such as guaranteed annuity rates, which could boost your retirement income.”
She added: “Planning for retirement can seem like a complex prospect, but having an idea of what you want and when you might like it to happen can really help you take control.
“This will help you plan with confidence that you are going to get the retirement you want at the time that you want it.”
