New research from WEALTH at work has uncovered the varying impact the pandemic has had on retirement plans.
It found that more than a fifth (22%) of workers approaching retirement (age 50+) say it has made them want to retire earlier and as soon as they can. Surprisingly, 13% want to delay retirement because they have realised they enjoy working. However, just over one in ten (11%) have had to delay retirement as they can no longer afford to retire.
Jonathan Watts-Lay, WEALTH at work, comments; “The pandemic has clearly affected people’s retirement plans in different ways. Whilst it has given some a new perspective on life and they can’t wait to retire, others have realised that they enjoy working and aren’t ready to give it up.”
He continues; “However, there are also those who have to work longer due to affordability, perhaps as a result of their savings taking a hit due to reduced household income or a fall in the value of their pensions and investments.
Whilst this uncertainty can make retirement planning very challenging, what is certain is the more you plan for retirement and review your plans as your circumstances change, the more likely that you will be able to deal with all eventualities. Whether that be realising that you can’t yet afford to retire so have to work for longer, or even that retirement is more affordable than you thought.”
Watts-Lay concludes; “Many organisations recognise that their employees will need help with their retirement planning, especially through this difficult period and are putting support in place. It is worth speaking to your employer to find out what help is available.”