The difference between the average age of retirement and the point at which an individual considers him or herself to be old is 18 years, a new report has revealed.

A study by insurance provider AXA has shown that, on average, current retirees left work at 60 and do not consider themselves to be old until they reach 78.

This compares to Hong Kong and China where people consider themselves to be old in their early 60s.

Steven Folkard, head of pensions and savings policy at AXA, said retirement is now being viewed as a "golden era" for Britons.

"For people in Britain in or approaching retirement, they have never had it so good with many enjoying the retirement experience more than their peers in other countries," he asserted.

Despite some understandable feelings of trepidation at retirement, most people discover their fears of life becoming unacceptably quiet are ungrounded, Mr Folkard added.

The government encourages people to prepare financially for retirement but also urges them to consider the emotional and practical implications of finishing work.

It warns that retirement can be stressful but notes that for most people it offers the freedom to enjoy a "new lease of life".