Workers delaying retirement plans

One in eight UK adults over the age of 55 who expected to retire in the near future now plan to delay their retirement due to the coronavirus pandemic.

New research conducted by YouGov on behalf of retirement advisor Smart Retire found that the turbulent financial year caused by the COVID-19 has led to one in eight adults (13%) over the age of 55 altering their retirement plans.

The research also found that just a fifth (20%) of UK adults see retirement as a one-off event; they will only do it once.

Additionally, over a third (35%) of UK adults who expect to retire or are already retired would prefer to manage all their retirement finances themselves.

The pandemic has caused many workers to re-think their finances.

A report found that a third of UK employees are worse off financially and one in 10 are planning on working for longer than they had originally intended to.

Forty-seven per cent who expect to retire or are retired, said they would prefer to manage all of their retirement finances themselves.

However, 37% said they want some support; 7% want someone else to manage their retirement finances entirely, and 30% want some assistance but want to remain involved.

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