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One in five unsure when they will retire – Hargreaves Lansdown

The research found that 16% thought they would retire before the age of 60 and half said they would retire between 61 and 70.

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One in five unsure when they will retire – Hargreaves Lansdown
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One in five people don’t know when they will retire, according to research from Hargreaves Lansdown.

The survey, carried out by Opinium on behalf of Hargreaves Lansdown in April 2025, asked 1,500 people about their retirement plans. 

The research found that 16% thought they would retire before the age of 60 and half of those surveyed said they would retire between 61 and 70.

14% expected to retire after the age of 70 and a further 21% said they did not know when they would retire.

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “Recent days have brought big news for older workers with Pope Leo XIV elected aged 69 and legendary investor Warren Buffett choosing to retire at the age of 94. 

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“It shows that if you love what you do and find purpose in it then you can continue to do it into your late 60s and beyond.

“However, 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 to put in their pension.”

Morrissey added: “Recent data from HL shows half of people were planning to retire at some point in their sixties, 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. 

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“This makes sense given that most will plan to retire at some point around their state pension age.

“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.”

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She said: “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. 

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“More than one in five didn’t know. Further data from HL’s Savings and Resilience Barometer shows that just 36% of households are on track for a moderate retirement income, which shows there is still much work to be done.”

Morrissey added that it is important to have a plan for retirement, whether that means travelling or choosing a simpler lifestyle. 

She noted that once people know what they want from retirement, they can start working out the costs and use online tools to see if their pension savings are on track. 

Morrissey said that if the amount looks good, it can be reassuring, but if not, there is still time to make changes.

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She also pointed out that increasing pension contributions after a pay rise or starting a new job can help boost savings. 

Morrissey said that checking if employers will match higher contributions is another way to grow a pension pot without having to put in much extra yourself.

She added: “Taking actions like this on a regular basis means that whether you plan to stop work at 60 or work into your seventies and beyond you have control over that decision and can retire on your own terms.”

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