Over-55s more uncertain about retirement than younger generations – Hargreaves Lansdown

16% of people have no idea when they will stop working, with over-55s more likely to be uncertain than younger age groups, according to Helen Morrissey, head of retirement analysis at Hargreaves Lansdown.

Morrissey 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.”

She suggested that younger people may feel more confident about retirement timing, but this could reflect optimism before complexities like affordability arise.

The analysis highlighted the importance of proactive retirement planning and checking in with pensions regularly, according to Morrissey.

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.”

Tools such as online pension calculators can help individuals estimate how much they are on track to receive and explore the potential impact of contributing more over time, if affordable.

Morrissey also stressed the importance of tracking down pensions from previous workplaces, noting how easily they can be forgotten as people change jobs.