48% of people over the age of 50 think retirement should happen when you’re ready to give up work, according to new search from Hodge.

A further 14% think state retirement age is the right age to retire and 36% of those who took part think it should be when you are financially able to give up work.

When it comes to the term ‘retirement’ itself, one in 10 of those interviewed aren’t a fan of the word, saying it makes them feel old and is too final.

Emma Graham, business development director at Hodge, said: “This new research confirms a lot of our anecdotal findings in this age group, where some of our customers are ready to think about retiring and giving up work, while others are enjoying an active life and have absolutely no intention of slowing down.

“It’s also interesting to see how people see the word retirement – our research shows while many don’t have a strong opinion either way on the term, just 22% of women like the term, compared with 32% of men. And when asked what term they’d prefer, the top answer with 40% of the votes was ‘next stage in life’.

“This is great insight into how the over 50s see retirement and how it’s not just about giving up work, it’s now the “next” phase in their life. And this is something we are aiming to cater for with our financial products. So, if people want to consolidate and take a step back from work, they can, but we also help them with the alternatives, whether that be investing in a new property, helping family, or going on a once in a lifetime trip.

“But, with all this comes the caveat, to be able to have these choices open to you, people have to start planning financially as early as possible. We encourage our clients to start planning and don’t ignore ‘later life’ products. They might not be thinking about retirement, but if they want to enjoy the next stage of life, it’s better to be as prepared as possible.”