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After TVs and cameras, retirement is now becoming a lot more complicated

After TVs and cameras, retirement is now becoming a lot more complicated say the experts.

It used to be the case that the 'pipe and slippers' arrived on a 65th birthday. Now it's 'death by a thousand cuts' which can start as early as 50 years old and take twenty years to finally reach full retirement.

The new trend comes as more than half of 50 to 64-year-olds say changes to the state pension age have made the retirement process confusing.

It means retirement in the UK has become “a process, not an event”, according to Zopa, the online peer-to-peer lending company that commissioned the survey.

“Retirement in Britain is no longer an event that involves clearing your desk at 65,” said Zopa co-founder and chief executive Giles Andrews.

“The pre-tirement trend is a seismic shift in the way Britons think about retirement.

“It will require many of us to review our fi nancial situations much earlier in regard to how we will support ourselves when we choose to stop working full-time.”

More than 2,000 people aged between 50 and 80 were surveyed in December by Consumer Intelligence, an online agency that analyses customer information.

It defi ned pre-tirees as people in their 50s, 60s and even 70s who gradually ease themselves into retirement by reducing working hours so they can do other things.

These include travelling (45 per cent), setting up their own business (12 per cent), changing career (9 per cent) and helping out with childcare for grandchildren, studying, taking more exercise and volunteering.

Despite the pre-tirement trend of reducing the number of hours worked, 28 per cent of those surveyed say they will need to fully retire later than planned.

That figure rose to 35 per cent of those aged 50 to 54, with 89 per cent saying that they did not know at what age they will be able to retire.

“Having a more fl uid retirement process is a result of many of us being fi tter and healthier, not wanting to down tools at 65 or being unable to afford to stop working completely,” said Mr Andrews.

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