More than half of this year’s potential pensioners are either already working past their state pension age or would consider doing so when they reach that landmark, according to Prudential’s latest research (Financial Advice Clifton Bristol).

This year is the fourth in a row in which about 50 per cent of those who are due to retire have already chosen to work past their state pension age, or would consider doing so if it led to a boost in their income in retirement, the life company said.

In addition, the online survey, which sampled 9,318 non-retired UK adults aged 45 and over, including 1,000 who were planning to retire in 2016, found that 29 per cent of those working beyond their state pension age, would change employers.

Meanwhile, more than a quarter of the sample said they would stay in their current job, but reduce their working hours, while 11 per cent would stay on full-time in the same job.

Stan Russel, a retirement income expert at Prudential said: “With this year’s retirees preparing to spend an average of 20 years retired, it’s understandable why they now see giving up work as a gradual process rather than a one-off event.

“However, for everyone who can choose their retirement date, there are some who have no choice because they physically can’t continue to work, and others whose financial situation forces them to stay on”.

“Anyone looking to give themselves the greatest degree of choice of when to give up work should be trying to save as early as possible during their careers”.

Financial Advice Clifton Bristol

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Churchill Wealth Management Limited is located at 13 Alma Vale Rd, Bristol BS8 2HL, United Kingdom.

About Us: Churchill Wealth Management is a team of independent financial advisors/financial advisers (IFAs) based in Clifton, Bristol. We provide independent financial advice, including pension advice, investment advice, inheritance tax planning and protection/insurance advice.