COVID-19 pandemic alters over 55’s retirement plans, with some retiring early

More than 150,000 individuals aged 55-64 have altered their retirement plans and decided to retire earlier than they had previously planned because of the impact of the coronavirus pandemic, according to the latest research.

A combination of reduced income and an increased number of redundancies in the UK have contributed to a loss of confidence for many in their current retirement plans, many of which will need altering given a chance in circumstances in the past 12 months.

The Office for National Statistics has recently published figures indicating that unemployment in the over 50 age category has risen sharply since the beginning of the pandemic, with many individuals now having to rapidly alter their retirement plans.

Clive Bolton, Managing Director of Savings and Retirement at LV=, said: “Early retirement is attractive for many people – but it can become a financial nightmare if it is forced on people without any planning because of redundancy or illness.”

Your 50’s are critical years for retirement planning because that is the age when many people’s earnings and pension contributions peak. Being forced to end a career before you planned will disrupt retirement plans.

Planning your retirement is one of the most significant decisions you will ever make, and before you take any actions, it’s important to seek expert advice to understand your current position and make a long-term decision that is right for you.

Knowing where you stand is essential to ensure that you can enjoy your retirement the way it should be. We know that your pension should enable you to live the life you want, especially with retirement lasting 20 years or more.

That is why our expert team are here to help, giving you unbiased advice that is 100% independent and bespoke to you and your current circumstances.

For help and advice, contact our expert team today.