A new report from Aegon The Second 50: Navigating a multi-stage life found that past trends in retirement are no longer a reliable guide to the future.

The report found that life after 50 is no longer following the historic pattern of education, work and then retirement, with those over the age of 50 having a very different future to those of previous generations.

Those continuing to work past 60 said they continued to due so due to enjoying their job (57%) and keeping their mind sharp (54%).

It also found that as a result of this longer, more varied working life for Britons, Financial Planning and retirement advice is more valuable than ever.

Steven Cameron, pensions director at Aegon, said: “The second 50 is a new phase of life that is vastly different to the prospects our parents and grandparents had when they reached age 50. There are millions of combinations of circumstances and situations that people over 50 may find themselves living through at various times and in different orders, meaning everyone’s second 50 is truly unique.

“In fact, in many ways, it’s uncharted territory. We can no longer simply look to what’s gone before to know how to manage it on behalf of clients.”

He added that Aegon would like to see the Government offer more flexibility around when people can access their State Pension.

Separate research from My Pension Expert found that women have less confidence in the Government’s pension policies than men.

Only 22% of women said they think the Government has done a good job of supporting pension planners during the cost-of-living crisis, compared to 28% of men, according to the survey of 2,000 UK adults in July.

Research among 900 adult workers and 100 retirees in the UK was conducted by Cicero on behalf of Aegon in July 2023.