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People who are approaching the retirement age may not want to adopt the pipe and slippers image and may wish to set up their own business instead, it is claimed, a venture which could be funded by secured loans.

Attitudes have changed towards retirement and people can now do all the things that they could not do because they were working, says a spokesperson for Age Concern.

Expensive activities, which may include traveling the world or buying a vintage car, could be funded by a loan to cover the costs of living a retirement to the full.

Setting up a business could be an option for the 12 per cent of those who told AEGON that they wanted to try out a different career in their retirement, while 22 per cent claimed that running out of money was a concern to them.

For those people who are considering a new direction or thinking about setting up a business, secured loans could cover the costs and allow a retirement to be enjoyed more fully.