A study by the lender Birmingham Midshires (BM) revealed that just 22 per cent of over-55s still had mortgages to pay.
Just one in six are still supporting children who live with them, which suggests a reasonable amount of financial freedom for this particular age group.
"The saying goes that life begins at 40 but it is interesting to see our research indicates otherwise," said Jason Robinson, BM's director of savings operations.
"This could be down to a number of economic and social factors, such as rising house prices and people having children later in life, all of which are take their toll on the age of financial independence."
House price inflation over the last two decades has meant that many over-55s who have paid off their mortgage will be sitting on a significant amount of equity.
Many are able to make use of the value tied up in their homes to fund exciting retirement activities such as cruises, foreign holidays or even second homes
