Only half of adults in the UK think they will be able to achieve a 'hard stop' retirement, new research has found.
A study by Phoenix Insights, part of Phoenix Group, looked at changing perceptions of retirement.
It found 44 per cent hoped for a ‘hard stop’ when they come to retirement, while 47 per cent hoped for a period of transition with just 9 per cent hoping to keep working.
However, just 52 per cent of those who still have to retire and are hoping for a hard stop believe it is realistic to achieve this.
And one in five of this group think they will actually have to continue working.
Catherine Sermon, head of public engagement and campaigns at Phoenix Insights, said: "The idea of a ‘hard stop’ retirement has long been superseded by people looking to reduce their working hours and gradually transitioning into retirement, many working part-time while drawing on some of their pension to supplement income.
"Moving forward, however, while a gradual transition into retirement is expected to remain popular, our research suggests a sea change is looming, with a significant rise in people anticipating they will carry on working throughout their life."
The research said the change in retirement expectations has changed dramatically.
It said 41 per cent of UK adults expect people never retiring to be the norm in the next 10-25 years, up from 13 per cent in the past.
Retirement as a period of transition, where people reduce the amount of time they spend working and balance it with doing other things, is expected to continue to be the most common experience.
Sermon added: "It’s vital that this changing approach to retirement is matched by how people are supported in work and saving throughout their life.
"There will need to be more flexibility so people who want or need to remain in work for longer are able to do so. This should go hand-in-hand with policy change to help people save more."
She said millions are still not on track to save enough to provide the retirement income they would expect.
Sermon suggested to combat this, the next parliament should increase the minimum enrolment contribution rate.
tara.o'connor@ft.com
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