Almost a fifth (18%) of people aged 50 and over say that the COVID-19 pandemic has already or may impact their retirement plans, according to a new study from Co-op Insurance. |
Of these, a quarter (25%) said they’ve not been able to retire due to their finances, a fifth (22%) have had to use some of their retirement savings after being out of work and a tenth (10%) have retired sooner than planned due to being made redundant during the pandemic. Meanwhile, the study reveals that the pandemic has encouraged almost a third (31%) of people aged 50 and over yet to retire to do so sooner. Of those people over the age of 50 who have retired, almost a quarter (23%) said the disease has affected their plans to spend time with friends and family and a fifth (20%) have not been able to travel as they’d planned. When looking at how this impact on retirement plans has made people aged 50 and over feel, almost half (49%) have realised how important friends and family are, over two fifths (44%) say they feel annoyed and over a quarter (27%) think they need to make up for lost time. Graham Ward Lush, Head of Life Insurance at the Co-op said: “It’s perhaps no surprise that so many people over the age of 50 are disappointed with how the pandemic has affected their retirement plans, with so many (43%) envisaging more of this time being spent with friends and family. “It’s encouraging to hear though that despite this situation being frustrating and disappointing for so many, the majority of people are now planning to make up for lost time.” |
|
|
|
Pensions Data Science Actuary | ||
Offices UK wide, hybrid working - Negotiable |
Head of Pricing | ||
London - Negotiable |
Global Specialty Pricing Actuary | ||
London - £95,000 Per Annum |
Client-facing DC investment manager | ||
London / hybrid 3 dpw office-based - Negotiable |
Financial Risk Leader - Bermuda | ||
Bermuda - Negotiable |
Aylesbury Actuaries | ||
Aylesbury / hybrid 3dpw office-based - Negotiable |
Make an impact in protection pricing ... | ||
London / hybrid 2 days p/w office-based - Negotiable |
BPA Implementation Manager | ||
North / hybrid 50/50 - Negotiable |
Head of Reserving | ||
London - £160,000 Per Annum |
In-force Longevity Actuarial Analyst | ||
London / hybrid 2 dpw office-based - Negotiable |
Make a difference within reinsurance ... | ||
London / hybrid 2 dpw office-based - Negotiable |
Be at the cutting-edge of life & heal... | ||
London / hybrid 2 dpw office-based - Negotiable |
Longevity Pricing Analyst | ||
London / hybrid 2 dpw office-based - Negotiable |
Develop your career in life reinsuran... | ||
London / hybrid 2 dpw office-based - Negotiable |
Protection Pricing Actuary - Life Rei... | ||
London / hybrid 2 dpw office-based - Negotiable |
Life (Re)insurance Pricing Manager (P... | ||
London / hybrid 2 dpw office-based - Negotiable |
Take the lead: life & health reinsura... | ||
London / hybrid 2 dpw office-based - Negotiable |
Pricing Tools and Systems Developer | ||
London / hybrid 2 dpw office-based - Negotiable |
Longevity Pricing Actuary | ||
London / hybrid 2 dpw office-based - Negotiable |
Shape the future of longevity | ||
London / hybrid 2 dpw office-based - Negotiable |
Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.