The Scoop

How Coronavirus May Have Impacted Retirement Plans

We can’t deny that UK lockdown and the coronavirus scare has impacted everyone’s life in a variety of ways.

However, it could be argued that the biggest impact of all was on finances. People’s plans ground to a halt within the space of a few weeks, with no real certainty as to whether they would be able to continue with them, and if so, how long they would have to wait.

According to a study by AA Financial Services, 77% of UK adults have admitted that lockdown has made them reconsider their financial resolutions for the upcoming months.  91% of people under 35 also have this belief.

But what about those who were ready for the transition between working life and retiring?

Many people across the country were in the run up to retirement, with plans to retire in the next few months.

However, the coronavirus resulted in mass redundancies, which for some, delayed or completely destroyed their soon-approaching retirement plans.

The study also found that only 22% of over 55’s were more likely to put away more savings than they had done before lockdown. However, this data could be skewed by the fact that those who have been made redundant will not have more money to put away in savings.

Another worrying statistic is that only 10% of the UK adults surveyed said they would put more money into their pension.

That brings me to ask the question- do people really understand the importance of preparing for retirement?

And for those approaching retirement- do you know the extent of the damage that the coronavirus crisis may have caused to your plans?

If you were meant to retire or are hoping to retire shortly, feel free to fill out our online assessment which will in turn generate relevant resources depending on your answers.

You can then follow those links for guidance and more information on what to do with your current situation.

 

You can access the assessment by clicking on this link: https://covid.pen-life.co.uk/

 

 

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