The new norm among this years retirees - "The Class of 2016" is to take a period of 'pre-tirement', delaying retirement plans, changing jobs or going part time instead of giving up work altogether.  Over half of people planning to retire this year are already working past their state pension ages, or would consider doing so when reaching that landmark.

Prudential’s research into the retirement finances and aspirations of people planning to retire in the year ahead is now in its ninth year. This year is the fourth in a row in which more than half of those who are due to retire have already chosen to work past their State Pension age or would considering doing so if it led to a boost in their income in retirement. 

Of those working or considering working beyond their State Pension age, 29 per cent say they would change employers to do so. However, more than a quarter (27 per cent) would stay in their current job but reduce their working hours, while one in ten (11 per cent) would stay on full-time in the same job.  

The Class of 2016 expect to be retired for an average of just over 20 years and give a range of reasons for putting off their retirement, and for many the decision is a financial one. Nearly three in ten (29 per cent) of those planning to retire this year say they do not believe that their pensions and other savings will provide a sufficient income to support a comfortable life in retirement. Meanwhile, just under a quarter (22 per cent) of those scheduled to retire in 2016 have postponed their plans as they simply cannot afford to give up work.