Three in five (60%) retirees are doing so before their expected state pension age or company pension retirement date, research from Prudential has found.
The average age of those retiring early is 57.
Vince Smith-Hughes, retirement expert at Prudential, said: “It’s encouraging to see that so many of this year’s retirees are in a comfortable enough financial position to enable them to retire early.
“People stopping work early are not planning to put their feet up. They want to keep busy and active by taking up hobbies, sports, charity work and some are even planning a post-work gap year.
“These are fantastic ways to spend your retirement but can be expensive and, with everyone living longer than ever before, it is vital to ensure you can fund your whole retirement.”
The average expected retirement income, inclusive of savings and state pension, for those retiring early is £18,567, compared to £21,961 for those not retiring early.