In new research published by the insurer Skandia, only 3% of people retired because they could afford not to work, half were forced to retire through ill health.  For those around retirement age, the majority said that they had money worries.  19%% retired because they had had enough of work, 10% were given an early retirement package and 8% were made redundant.  Only 7% said they had retired when they did because they had reached state pension age.

Most people assume that they will dictate when they retire but, in reality, most will not have control over the timing.