Savers are likely to have to delay their dream retirement age by five years as rising living costs put pressure on people’s ability to contribute to their pension pot.

Whilst the preferred retirement age of many Brits remains 62, they don’t expect to be able to give up work until 67, new research by Standard Life found.

This is up from 66 last year, widening the gap to five years, and increases to more than six years for renters and for those with no pension savings , which is becoming more common.

The scheduled rise in the state pension age from 66 to 67 between 2026 and 2028 is a possible factor in the shift to 67 but the report also shows that public awareness of the state pension age is low. Less than one in five correctly identified the current state pension age of 66.

The r

See Full Page