Almost a third (31%) of Gen X (people aged between 42-57) are uncertain about when to retire, compared to a fifth (19%) of baby boomers and older generations (aged 58 and over), Standard Life has found.

According to the firm’s 'retirement voice' report, a quarter (24%) of all UK adults admit they feel unsure about when to retire.

Standard Life also revealed that 27% of women feel less assured about retirement timings compared to men (21%).

Managing director for retail direct at Standard Life, said: "It’s worrying that many of those who have retirement in their sights are uncertain about when to retire, how much they’ll need and if semi-retirement might be a consideration.

"It looks like there’s a big generational difference emerging between people in the forties and fifties and their older counterparts, likely in part due to the decline of defined benefit (DB) schemes, in which you’d get a guaranteed income for life from your employer based on your final or average salary, and the rise of defined contribution (DC) schemes, in which your overall retirement pot is made up of contributions from yourself and your employer, as well as investment growth."

The research, which had more than 6,000 participants, highlighted other aspects of retirement that are causing uncertainty. It revealed that 25% of UK adults feel unsure about whether to semi-retire or stop working completely, rising to 30% of Gen X.

Furthermore, 23% are hesitant about how much they need for retirement, while one in five (20%) are uncertain about how to access their retirement savings. This rose to 25% and 24% respectively for Gen X.

Butler added: "Planning for retirement can feel complex and overwhelming, particularly as two years of high inflation and rising interest rates have led to shorter-term financial pressures dominating most people’s financial affairs.

"There’s a lot to consider, such as how long your savings need to last and what sort of lifestyle you’d like, and so it can be hard to feel confident that you’ve got the right plans in place. Breaking down your considerations into bite-sized chunks will make this process less overwhelming and easier to make choices based on these factors."

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