We all dream of retirement – the days when we don’t have to go to work, long days stretching out ahead of us with the shackles of employment removed. 

In fact, three quarters of people aged 45 and over dream of retiring in the next five years, according to HSBC’s The Future of Retirement report.

But a dream is how it might have to stay, with almost half (45%) of those saying that as much as they’d love to do it, they can’t.

Despite wanting to, nearly half say they won't be able to

Whether it’s debts, dependants, or lack of savings, those who want to retire in the next five years say their dreams of a work-free life are being scuppers by a range of barriers.

And for some people, retirement seems even harder to grasp as they worry they’ll never be able to fully retire.

The Future of Retirement, commissioned by HSBC, is an independent research study into global retirement trends.

Its latest report, Healthy new beginnings, is the twelfth in the series and represents the views of more than 18,000 people in 17 countries and territories worldwide, including the UK.

According to the report, of those who said they feared they wouldn’t be able to retire within the next five years, nearly three quarters (74%) hadn’t saved enough money.18% said they had too much debt while 19% claimed they have dependents who rely on their income.

The number of people who feared they may never be able to fully retire has also increased in the last year, according to the report – up from 2% in 2015 to 12%.According to the report, of those who had retired, 39% said their standard of living had increased despite no longer getting a monthly salary, and 41% said their social life improved while just 8% claimed it had got worse.

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Caroline Connellan, HSBC's head of UK wealth said: “For many people concerns about money are preventing them from retiring when they want to.

“Modern financial pressures and the changes in pension freedoms make the need for sound financial planning more important than ever.

“Even small amounts saved today can make a difference.”

HSBC's advice includes making sure you consider how your healthcare needs might change in your retirement plans for them

HSBC’s report outlined four steps to help people prepare for retirement, including: start saving earlier, plan for a longer retirement, aim for a healthy retirement by taking steps to improve your health before you stop work, and consider how your healthcare needs might change in your retirement and include them in your financial planning.