Retirement plans put on hold

The pandemic is causing older workers to delay their retirement plans, according to a survey, which has raised concerns that the financial impact of coronavirus could be forcing people to work for longer.

A YouGov poll of 2,114 UK adults found that, among over-55s who planned to retire in the future, one in eight had made the decision to delay their retirement plans because of the pandemic.

The poll also highlighted financial concerns among older employees planning to retire. More than half of all UK adults said they were concerned about only being able to afford a limited lifestyle in retirement. The survey has suggested that retirement incomes have been affected by falling interest rates and the job prospects for the over-50s are difficult in the current climate.

There are more than 600,000 over-50s claiming universal credit, which is more than double the figure last year. There has been a call for the government to offer tailored initiatives to support the over-50s back into the workplace and financial incentives to businesses to encourage them to hire older workers who bring with them a wealth of life experience and wisdom.

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