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“Many of us don’t get to choose the timing of our retirement. Something unexpected can happen, either at work or at home, that causes us to leave our job. But these are steps we can take to generate enough cash to keep paying the bills.”

In the study, working older people communicated they wished to stay in paid work for an average of 4.3 years beyond the state pension age.

It means, on average, they will be over 70 when they eventually decide the time is right to retire. However, the “real” average retirement age was recorded as much lower at 63.4 years.

Dunstan Thomas believes this reflects Boomers are retiring, or being forced into retirement, much earlier than they originally planned.