Pensions - Articles - Fifth of over 50s retirement plans impacted by COVID19

Almost a fifth (18%) 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.

 Of these, a quarter (25%) said they’ve not been able to retire due to their finances, a fifth (22%) have had to use some of their retirement savings after being out of work and a tenth (10%) have retired sooner than planned due to being made redundant during the pandemic.

 Meanwhile, the study reveals that the pandemic has encouraged almost a third (31%) of people aged 50 and over yet to retire to do so sooner.

 Of those people over the age of 50 who have retired, almost a quarter (23%) said the disease has affected their plans to spend time with friends and family and a fifth (20%) have not been able to travel as they’d planned.

 When looking at how this impact on retirement plans has made people aged 50 and over feel, almost half (49%) have realised how important friends and family are, over two fifths (44%) say they feel annoyed 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.”

Back to Index

Similar News to this Story

DB pension deficit remains unchanged at end of July
The UK defined benefit (DB) pension deficit remained at £270bn at the end of July, the same as at the end of June, according to figures released from
ONS figures show a fifth of workers are unaware of AE
Aegon comment on the publication of the ONS Wealth and Assets Survey, which provides uses attitudinal data to show individuals' attitudes towards
Savings now equally as important as pensions
In a survey conducted amongst 3,000 adults in the UK, 77.5% said that the recent pandemic has made them realise the importance of having savings to fa

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS


Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.