Covid-19 – 1.5 Million Brits may need to delay retirement

Jun

10

Many people will have to change their retirement plans or even cancel them indefinitely according to an article published last week by International Adviser.

A survey targeted at adults in work over 50 years of age was carried out by Legal & General Retail Retirement and concluded that 1.5 million will end up delaying retirement due to the coronavirus pandemic.

Around 15% of those surveyed think that they will need to delay their retirement plans, and 26% said they will have to keep working on a full or part-time basis after retirement age.

On average, those who will need to delay their retirement expect another three years of work to be added on to their initial planned retirement age, and 10% may have to delay their plans by five years or more.

The survey found that those over-50’s who have been furloughed or received pay-cuts make up the majority of those who will need to delay their retirement. 38% of those furloughed during the pandemic expect to have to continue working indefinitely.

Chris Knight, chief executive of Legal & General Retail Retirement, said: “The financial impact of the covid-19 pandemic seems to be particularly pronounced for people aged over 50 who are still in work.  While some people will choose to work for longer, or indefinitely, the key consideration when it comes to this research is that it seems this decision has been driven by the financial impact of the pandemic, rather than personal choice. We know this is a key stage in people’s retirement planning so seeing a material impact on your household income will naturally lead to pessimism about achieving your retirement goals. While it would be naïve to say that these financial issues will not have an impact on people’s ability to retire, it’s important for people to have a strong understanding of the options available to them before concluding that their retirement needs to be delayed or forgotten indefinitely.”

Forth capital specialises in retirement planning, expat pensions and investments. You can speak to one of our advisers by clicking HERE or call us on 00 41 22 311 1441

Source : https://international-adviser.com/

Trudi Hayes

The Author

Trudi Hayes

Latest News

Jun

24

Singapore

Expats in Singapore ...

Expats in Singapore Fearing for their Jobs as Redundancies Soar Redundancies are going up ...

Read More

Jun

24

Property

British Expats Consi...

There has been an increase in British expats looking at purchasing property back in the UK...

Read More

Important Information

Disclaimer:

Access to this site is only granted to users who have read the following terms of use.

The information contained on this website is for information purposes only and is not intended as financial advice, an offer or solicitation for the purchase or sale of any financial instrument.  This website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law. The information on this website is subject to change without notice.

Not all products or services are available in all geographical areas. For further information visit our Compliance and Regulation page or contact your local Forth Capital office.

By closing this page, I hereby confirm that I have read and accepted the terms of use set out above.