The new reality of retirement

For many UK savers, retirement remains tied to the idea of reaching a specific age. However, our latest Global Retirement Savers Survey suggests retirement expectations evolve significantly over time, and increasingly reflect both financial realities and changing lifestyles.

More than half (53%) of UK savers aged 18–34 expect to retire at a set age, compared with just 36% of those aged 50+. Among older savers, eligibility for the State Pension and access to government benefits become far more important factors in determining when retirement feels achievable.

The findings reveal a striking mix of optimism and anxiety among UK savers. On one hand, UK respondents report some of the highest retirement income expectations across all markets studied. On average, savers expect to replace 62% of their salary in retirement - above the global average of 58% and broadly consistent with the long-standing UK benchmark of targeting around two-thirds of pre-retirement income.

At the same time, UK savers remain highly focused on the risks that could undermine retirement security, particularly inflation, running out of money, and maintaining their quality of life. Across all five countries surveyed (UK, US, Canada, Australia and Japan), the same core retirement priorities consistently emerged: preserving living standards, covering known expenses, keeping pace with inflation, and ensuring retirement savings last.

The survey also highlights how retirement itself is becoming more flexible. Nearly one-third (30%) of UK savers expect to continue working at least part-time in retirement. For some, this reflects a desire to remain socially engaged and maintain a sense of purpose. For others, continued employment may be a financial necessity. However, relying on work later in life also introduces risks, particularly if health challenges or limited job opportunities make working longer more difficult than expected.

For pension providers and advisers, the findings reinforce the growing importance of retirement solutions that balance continued growth potential with sustainable income throughout retirement, while recognising that retirement journeys are becoming increasingly varied and personal.Sign up to access the full Global Retirement Savers Survey results and explore how UK savers are redefining retirement expectations and financial wellbeing.