Retirement and the coronovirus

Retirement and the coronavirous

The coronavirus pandemic is impacting the lives of people in a range of different ways. 

We wanted to specifically look at what impact it was having on those that were close to, or at, retirement.

Some fascinating results came out of the survey:

  • 53% of people have altered their retirement plans because of the coronavirus
  • 21% of people are looking to retire early due either themselves and/or a partner losing their job
  • 76% of people have some significant spending planned for when they retire
  • 8% of people retiring plan on spending their money on cosmetic or plastic surgery
  • 71% of people do not expect to have enough money to last them through to retirement.

 

Survey results

We asked our respondents whether the coronavirus pandemic was impacting their retirement decisions.  

Over a third have said that they have brought forward their retirement plans.

We were surprised that the number was this high, so this would indicate that the pandemic was impacting older people in a range of different ways.

When we looked in the reasons why people may be bring forward their retirement plans, 21% said it was because either they or their partner had lost their job.

This may also indicate that these 21% felt like future job opportunities were likely to be limited, hence looking at retirement instead.

 

When we looked at whether those that were retiring had planned any significant spending with their money, we found that over three quarters had.

This would indicate that people had earmarked their spending for something specific.

When we looked what any large spending was earmarked for, it was for things you would typically expect.  

The interesting results that came out from this was nearly a quarter are proactively planning to use the money to pay for their care costs.

But, the result that surprised us the most that nearly 1 in 10 was going to use the money for cosmetic treatments and/or plastic surgery.  Perhaps an indicator of how people are viewing their later lives.

Lastly, we asked perhaps the most important question of all; and that was did they expect their pension to see out their lives.

Worryingly, nearly three quarters of people do not expect to have enough money until the point they die.  nearly a quarter think their pension savings wont even last 5 years.

These are clearly worrying numbers, and an indicator of perhaps people needing to be more active in their retirement planning.

This survey was undertaken in conjunction with UK Care Guide, and included 1,107 respondents, aged over 55, during August and September 2020.

You can see the full infographic below

Retirement and Coronavirus

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