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A new survey shows that the Covid pandemic could have a significant impact on people’s retirement plans – either meaning they have to put off retirement due to financial concerns, use their savings or take retirement sooner than anticipated.
Almost a fifth of people aged 50 and over say that the COVID-19 pandemic has already or may impact their retirement plans, according to a new study from Co-op Insurance.
The survey of 2,000 adults over 50 shows that a quarter of those who say their retirement plans may be affected said they’ve not been able to retire due to their finances, a fifth have had to use some of their retirement savings after being out of work and a tenth have retired sooner than planned due to being made redundant during the pandemic.
Overall the study shows that the pandemic has encouraged almost a third (31%) of people aged 50 and over yet to retire to do so sooner.
Almost a quarter said Covid had affected their plans to spend time with friends and family and a fifth (20%) have not been able to travel as they’d planned, while almost half (49%) have realised how important friends and family are and over a quarter (27%) think they need to make up for lost time.
Graham Ward Lush, Head of Life Insurance at the Co-op said: “It’s perhaps no surprise that so many people over the age of 50 are disappointed with how the pandemic has affected their retirement plans, with so many (43%) envisaging more of this time being spent with friends and family.
“It’s encouraging to hear though that despite this situation being frustrating and disappointing for so many, the majority of people are now planning to make up for lost time.”