A third of adults in all age groups plan to retire between the ages of 66 and 70, a new study reveals.

Only 5 percent plan to stop working before age 55, while 14 percent believe they could achieve this before age 56-60 and 24 percent aim for age 61-65.

Nearly a fifth think they will retire before age 60.

But many people can’t or won’t set a date, with 16% saying they don’t know in a poll by Hargreaves Lansdown.

The legal retirement age is currently 66 and will gradually increase to 67 between 2026 and 2028. At the same time, the minimum age for a private pension will increase from 55 to 57 on the night of April 6 2028.

People in their 40s to early 50s should therefore start planning ahead if they want to retire early or if they intend to use some of their retirement savings to pay off debts like debts. mortgages or face other major expenses.

It’s particularly important to know the working age rules and other personal pensions, as some people will continue to be able to access their funds at 55 depending on what they say.

Do your research: It’s important to know the age rules at your workplace or other private pension plan, and to plan ahead if you want to retire early.

“Over-55s are more likely to be in the dark than those aged 18 to 34 about their retirement prospects,” says Helen Morrissey, head of pensions analysis at Hargreaves.

“This could be due to various reasons. Some might love what they do and have no plans to stop, others might not have really committed yet.

“Others may have realized that right now they don’t have enough and are playing catch-up, so they want to keep their options open.

“It may also be that young people have confidence in the timing of when they want this to happen – before the complexities have time to arise – like affordability!”

Hargreaves surveyed 1,600 people who are not retired but are otherwise weighted to be representative of the UK adult population.

A separate study by Compare the Market found that retirement is the life stage that people delay the longest due to the cost of living, averaging 3.9 years.

Buying a first home comes in second place with an average delay of 2.5 years, according to a survey of 2,000 people in Great Britain.

Meanwhile, an influential industry study examines what individuals and couples need to save to enjoy a minimal, moderate or comfortable retirement.

Couples need £22,400 for a basic lifestyle, £43,100 for a moderate standard of living and £59,000 for a more affluent retirement.

THE Retirement and Lifetime Savings Association Study assumes you and your partner are both entitled to a full state pension, which rose to £11,500 a year in April, but the figures do not include income tax, fees housing – if you rent or still pay a mortgage – or care costs.

How to plan for retirement

Helen Morrissey of Hargreaves Lansdown offers the following advice and scroll down to find out what to do if you’re worried you haven’t saved enough to retire when you want.

1. Check your pensions and retirement planning from time to time

Having an idea of ​​what you want from your retirement can give you an idea of ​​how much it will cost you and that, in turn, can give you an idea of ​​how much you need to have saved.

2. Use an online calculator (see box above)

You can enter your pension details, and it will tell you how much you are on track and how much income it will generate for you in retirement.

You can even model the long-term impact of contributing more over time if you can afford additional contributions.

Hargreaves Lansdown survey results on when people plan to retire

3. Make sure you don’t lose track of your old workplace pensions

This is easily done when we move. The small pension you had in a job 20 years ago could very well have grown to a considerable sum and had a major impact on the amount you have available.

It could even bring your retirement forward by a few years. Be sure to go through your documents and if you have lost track of a pension, contact Government Pensions Tracing Service to see if they can help you find it.

4. Consider consolidating your pensions

Having them all in one place gives a better idea of ​​what you have and improves retirement decision-making. However, make sure you don’t incur costly exit fees by doing this.

You should also make sure you aren’t missing out on benefits such as guaranteed annuity rates that could boost your retirement income.

5. Check your state pension

This forms the basis of retirement planning and few people do not rely on it to some extent.

This is evidenced by the fact that the most popular retirement date answer is between 66 and 70, given that the state’s retirement age is currently 66 and is on track to increase. be raised.

How to sort out your pension if you’re worried it’s not up to par

1) If you are wondering if you will have saved enough, investigate your existing pensions. Generally speaking, you should ask the following questions of plans.

– The current value of the fund.

– The current value of the transfer – as there could be a penalty for moving.

– Whether the pension comes from a final salary plan or a defined contribution plan. Defined contribution pensions take employer and employee contributions and invest them to build a reserve of money in retirement.

Unless you work in the public sector, they have now mostly replaced the more generous gold-plated coins. defined benefits – average or final career salary – pensions, which provide guaranteed income after retirement until your death.

Retirement planning: One-third of adults in all age groups plan to stop working between ages 66 and 70, and only 5 percent plan to do so before age 55.

Defined contribution pensions are smaller and savers bear the investment risk rather than employers.

– Whether there are guarantees – for example a guaranteed annuity rate – and whether you would lose them if you moved the fund.

– The projection of pensions at retirement age. You can use a pension calculator to see if you will have enough – these are widely available online.

2) You must add the predicted figures to what you expect to receive in State Pension, which is currently £221.20 per week or around £11,500 per year if you qualify for the new full rate. Get a state retirement forecast here.

3) If you’re tempted to merge your old pensions, read our guide first to ensure you’re not penalized.

4) If you have lost track of old pots, the The government’s free pensions finder service is here. Our retirement columnist, Here Steve Webb offers a guide to finding lost pensions.

Be careful if you search online on the Pensions Finder service as many companies using similar names will appear in the results.

These will also offer to research your pension, but will attempt to charge you or flog you for other services, which could turn out to be fraudulent.