Conflicting Attitudes Toward Retirement Across Generations
A new report has revealed a striking disparity between when people want to retire and when they expect they realistically will.
Two simple questions were asked:
-
At what age would you like to retire?
-
At what age do you think you will be able to retire?
The difference between aspiration and expectation tells an important story about future retirement planning.
A Five-Year Gap Between Dreams and Reality
What the Averages Show
Across all respondents, the average desired retirement age was 62.3, while the expected age was 67.0 — a gap of nearly five years.
The divergence varies significantly between generations:
-
Baby Boomers (closest to retirement):
-
Gap: just 0.9 years
-
-
Millennials (born early 1980s–late 1990s):
-
Gap: 6 years, the widest of any group
-
-
Generation Z (born 1997–2012):
-
Aspiration: 60.1
-
Expectation: 65.0
-
Interestingly, Gen Z wants to retire earlier and expects to retire earlier than any other generation.
Is Gen Z’s Retirement Expectation Realistic?
The Impact of State Pension Age Increases
Gen Z’s expected retirement age of 65 looks optimistic given the direction of current legislation:
-
The current State Pension Age (SPA) is 66
-
It will rise to 67 by 2028
-
The timetable for moving to SPA 68 (currently scheduled for 2046–48) is now under review
-
Further future reviews could push the SPA even higher — potentially to 70 for some of today’s youngest workers
This makes it unlikely that Gen Z will receive their state pension benefits anywhere near age 65.
Contradictions in Gen Z’s Expectations
Working Longer but Retiring Earlier?
The report’s findings reveal further inconsistencies:
-
Over 50% of 18–34-year-olds currently in employment agree that they expect to work beyond their State Pension Age
-
Yet this same group expects to retire earlier than older generations
One explanation may lie in their outlook on the state pension itself.
A Generation Losing Faith in the State Pension
Growing Pessimism About Future Entitlements
Almost 45% of Gen Z said they do not believe the state pension will still be available for everyone by the time they reach SPA.
This scepticism may be driving the mismatch between their desired retirement age, expected retirement age, and beliefs about future support.
What This Means for Your Own Retirement Planning
Retirement planning is rarely straightforward, and conflicting ideas about when you want to retire versus when you can retire are common.
If you are unsure how your savings, pensions, and long-term plans align, expert advice can give you clarity and confidence.
Speak to Chartwell Wealth Management
Whether you’re just starting your pension journey or preparing for retirement in the next few years, Chartwell Wealth Management can help you understand your options and build a plan that supports your lifestyle goals.
Contact us today to review your retirement strategy and create a realistic, achievable plan.
