One in eight over-55s to delay retirement due to pandemic

One in eight UK adults (13%) over the age of 55 who expect to retire in the future are planning to delay their retirement due to the coronavirus pandemic, according to a study by Smart.

The research, conducted by YouGov on behalf of the retirement technology platform provider, suggested that only a fifth (20%) of UK adults see retirement as a one-off event.

Smart’s study, based on responses from 2,114 UK adults, also found that over a third (35%) of all UK adults who expect to retire, or are already retired, would prefer to manage all their retirement finances themselves.

The findings also revealed that 52% of all UK adults are also concerned about only being able to afford a limited lifestyle in retirement.

“While the headline impact of COVID-19 is shocking news for a million people approaching retirement in the UK, this survey demonstrates that the nature of retirement is changing and fast,” said Smart global managing director, Will Wynne.

“We know people want to be in control of their finances, but worryingly 47% of adults aged 55+ who expect to retire or are already retired, want to go it alone.”

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