Nearly a fifth (18%) of people aged over 50 have said the coronavirus pandemic may affect their retirement plans or has already done so, according to a survey.


Evening Express reports that among those whose plans have been hit, a quarter (25%) said they have not been able to retire due to
their finances, Co-op Insurance found.

And more than a fifth (22%) have had to use some of their savings after being out of work.

However, the Covid-19 pandemic has also encouraged almost a third (31%) of over-50s who are yet to retire to perhaps do so sooner.

Among those who have already retired, nearly a quarter (23%) said the virus has affected their plans to spend time with friends and
family, and a fifth (20%) have not been able to travel as they had planned.

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.”

Some 2,000 people aged 50 and over, including some who have retired and some who are still working, were surveyed across the UK.

(Story source: Evening Express)

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