Survey shows Covid impact on retirement plans

Significant numbers of older people are delaying their retirement or taking early retirement due to the Covid pandemic, according to a new survey.

The survey of 920 UK adults aged over 40  by My Pension Expert shows 13% of people aged between 40 and 67 have been forced to delay their retirement as a result of the pandemic; 9% have either chosen or been forced into early retirement and over two fifths (42%) say they do not have a clear retirement strategy. Moreover, 12% say they have decreased the amount they contribute to their pension since the beginning of 2020.

The vast majority (72%) of over-40s have never sought financial advice for their pension. Almost half (48%) trust their employer to manage their pension plan, while 24% believe consulting a financial advisor would be too expensive. Consequently, 6% of those over 40 have already withdrawn money from their pension without seeking financial advice.

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