Retirement means something different for all of us. After winning 11 Grand Slams, Björn Borg retired from tennis at the age of just 26. By contrast, legendary investor Warren Buffett announced his retirement at 94. At 69, Pope Leo XIV has only just started his career in the papacy.
The age at which you retire is deeply personal. It can be influenced by a range of factors—from financial readiness and lifestyle preferences to the mental and physical demands of a job.
Ever changing UK pension rules do little to clear up the timeframe. Workplace pensions can be accessed from age 55, though this will rise to 57 from April 2028. Meanwhile, the State Pension age depends on your date of birth, which you can check online.
All of this makes the question of when you should actually retire exceedingly confusing.
Many of us just don’t know
A 2025 survey by Hargreaves Lansdown found that as many as 21% of people don’t know when they will retire. Among those who had an estimate:
- 16% expect to retire before 60
- 50% anticipate retiring between 61 and 70
- 14% believe they’ll work past 70
These figures highlight a wide range of expectations—but also reflect a potentially optimistic outlook.
Reality is, we’re undersaving
For many of us, retirement may be further away than we hope. In the UK, 12.5 million people are undersaving for retirement, meaning they’re unlikely to achieve the standard of living they expect once they stop working.
It’s easy to pick a nice round number as your retirement goal—but reaching that milestone takes more than simply pencilling in a date.
It’s all about planning
Having a clear vision for your retirement is essential. For some, it will include at least three holidays a year and a monthly subscription to Rare Whiskeys R Us. Others will find themselves content with a good selection of biscuits and Pointless every weekday from 5pm.
Whatever your version of retirement looks like, defining it can help you estimate how much you’ll need and motivate you to take the necessary steps to reach it.
How can companies help?
UK companies have a powerful opportunity to reshape how employees think about retirement. While many already offer valuable benefits—like salary sacrifice and matching contributions—these tools are only effective if employees truly understand and engage with them.
That’s where MicroFact comes in to build long-term financial confidence, through simple, engaging education tools that people genuinely enjoy using.
Retirement planning doesn’t need to be nearly so daunting – unless, of course, you’re hoping to retire at 26. In which case, you’d best start winning those Grand Slams!
Want to develop engaged, financially empowered employees?
Get in touch at contact@microfact.co.uk
