Choosing the date of retirement is easy; but for many it may be years before they realise whether they got the answer just right, as this research shows.

Many of the people surveyed felt they retired too early and a number are also supplementing their retirement income with further work. 

Retirement is one of the most significant life events anyone will face. It is a major lifestyle change that can have an impact on relationships and overall health - both positive and negative. But also pensions and other savings and the decisions people make at the point of retirement are crucial and can determine their quality of life throughout retirement.

Finding stimulating and worthwhile activities, continuing to contribute to society, engaging with others are some of the motivations we see when retirees are planning how they will replace their work hours. 

However, almost invariably their biggest worry is whether/ when they will be able to afford to retire and what that will mean in terms of their financial security in retirement.

Whilst the majority of the people surveyed felt they had retired a few years too early, it's not clear whether they are measuring that against their lifestyle or financial needs. Although 20% appear to be supplementing their retirement income with further work which suggests at least in part their driver may be financial. 

Only 5% of those surveyed felt they got the timing just right which is a shockingly low percentage.

Giving employees access to financial education in the years ahead of retirement can help them to understand and plan for this major transition and make better-informed decisions for a more fulfilled life in retirement.