Britons expect to work nearly six years beyond their hoped-for retirement age
Britons hope to retire shortly after turning 62 but expect to keep working until almost 68, a gap of more than five years, according to a poll of 6,000 people. The findings highlight how financial pressures and a rising state pension age are making retirement feel further away, while proposed changes to the state pension’s triple lock could add to uncertainty.
Almost two-thirds of those polled worry they are not saving enough. The expected gap is 6.8 years for renters, compared with 2.1 years for homeowners; women face a 6.1-year gap, against 4.5 years for men. Standard Life says people who plan for retirement report a 2.5-year gap, compared with 7.3 years among those who have not planned. Its example suggests a worker starting at 22 on £30,000 could build a £252,000 pension by 68 with 5 per cent personal and 3 per cent employer contributions; raising their contribution by three percentage points could produce a £270,000 pot by 62.
- Britons hope to retire at 62 but expect to work until nearly 68.
- Renters and women face wider gaps between retirement hopes and expectations.
- Planning and higher pension contributions may help narrow the gap.
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Many people in the United Kingdom hope to retire in their early sixties but expect they will need to work substantially longer. This gap between desire and expectation reflects growing concerns about financial security and changes to the state pension system.
The state pension age has been rising for years and is set to continue increasing. Many people also feel they have not saved enough through pensions and other means, creating anxiety about their financial independence in later life. Proposed changes to how state pensions increase have added further uncertainty about retirement income.
The challenge is not evenly distributed. People who rent face a much larger gap between hoped-for and expected retirement ages compared to homeowners. Similarly, women typically expect to work longer than men. Research suggests that those who plan their retirement actively feel considerably more confident about their finances than those who do not.
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The strongest fair case each way — we don't pick a winner.
The case for
The retirement expectations gap represents genuine financial insecurity, with pronounced disparities—renters and women facing six-year delays whilst homeowners and men experience shorter gaps. Rising state pension ages and uncertainty surrounding the triple lock compound the fact that nearly two-thirds lack confidence in their savings adequacy. This is a structural challenge requiring policy intervention to ensure people can retire with dignity and security.
The case against
Working longer reflects reasonable adaptation to increased life expectancy and healthier retirements. The data powerfully demonstrates that personal planning is highly effective—those who plan experience only 2.5-year delays compared with 7.3 years for those who don't—showing individual agency matters most. Rather than seeking state intervention, people should adjust expectations to economic reality and increase contributions, which compound significantly over time to build adequate pensions.
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Originally published by Daily Mail as “Britons dream of retiring at 62… but think they will end up working five years longer: How to close the gap”.