In a study conducted by SmartSave, which polled 2,000 adults in the UK, 42% of respondents said they planned to retire later than the current retirement age of 66, which will increase to 67 in 2026. Meanwhile, 44% of respondents favored the conventional view of retiring at the designated age.

The traditional approach to retiring, which calls for completely quitting work at a specific age, is reportedly becoming less prevalent, according to the clear majority (73%) of individuals in the second category (those who believe they will retire past the present pension age). Sixty-five percent of this group say they plan to continue working part-time or as independent contractors once they retire.

The study identified a number of variables influencing people's shifting perspectives about retirement. The gig economy, remote employment, and technological advancements, according to one-third (34%) of those who aim to retire at age 67 or later, make it harder to distinguish between working and retirement years.

Of those who anticipated a delayed retirement, 48% stated they would like to continue working past the age at which the state provides a pension, and 57% indicated they would do so in order to finance a better quality of life in later years.

In general, the statement that "the ability to "completely retire" is increasingly becoming a privilege that only the wealthy can afford" was endorsed by 54% of all survey respondents.

Retirement is no longer a binary decision.

"People's ability to save and prepare for retirement has undoubtedly been affected by the cost-of-living crisis," stated Andy Mielczarek, founder and CEO of SmartSave, a Chetwood Financial Company. But we also need to examine a crucial but sometimes disregarded question: Are the conventional ideas of retirement really relevant today?

The study shows that millions of workers in the UK are changing the way they see retirement. For many, the decision is no longer clear-cut; while continuing to work part-time in later life may not necessarily be necessary financially, it will undoubtedly influence how they transition into retirement. The survey indicates that many people still wish to work.

Considering the turbulent past few years experienced by the UK economy and labor market, it is critical that we acknowledge this change in mindset. It is far too simplistic to say that people work until retirement age because they are compelled to, as opposed to choosing to do so. Instead, there ought to be a stronger focus on education, support and banking products that adapt to changing perspectives about retirement and long-term financial management.”