The era of the traditional 'hard stop' retirement may be fading, as just 16% of UK adults expect to stop work completely and enter full retirement, according to research from Aegon’s Second 50 campaign.

The pension and life insurance firm's research suggests people increasingly consider more flexible approaches to later life.

Around 30% expect to continue working in some capacity, with 17% planning to work differently in retirement and 13% saying they do not expect to consider themselves retired at all. A further 19% expect to phase down their work before eventually stopping, while 10% would consider moving into a completely new role. However, 23% remain unsure about what their transition into retirement will look like.

Continuing to work is not necessarily driven by financial pressures. The most common reason is the desire to keep the brain active, cited by 41%, followed by maintaining a good work-life balance at 35%, supporting physical and mental health at 30% and enjoying work at 24%.

However, financial pressures remain a factor, with 23% saying they would need to continue working because they had not saved enough, while 20% were concerned their retirement income would not meet their needs and 17% expected their income to be lower than anticipated.

Confidence about later life is also mixed. While 53% said they were somewhat, very or extremely confident they could maintain a comfortable lifestyle throughout retirement, 39% were not confident. Women were significantly less confident than men, with 45% saying they were not confident compared with 31% of men.

Kate Smith, head of pensions at Aegon UK, said: "Life after 50 looks very different compared with previous generations, and for many it can feel like uncharted territory. Retirement is no longer viewed as a single moment in time, instead, people are increasingly thinking about how work can fit alongside other priorities and aspirations in later life.

“What's particularly interesting is that many people are considering a range of possibilities, from reducing their hours to changing roles or continuing to work in a way that suits them, sometimes to enable them to work longer. For many, this is about choice, flexibility and staying engaged, rather than simply reaching a fixed end point.

“While it's encouraging that more than half of adults feel confident about their future, our findings show that confidence isn't shared equally, particularly among women. Helping more people feel informed and supported to make decisions about later life will be an important part of building that confidence."

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