when to retire

Retirement on the Backburner?



Posted on: 30th September 2020

Has pandemic situations given you a pause for thought on your intended retirement plans? Are you feeling you may not be able to retire at this point or plan to delay for a few years because of the impact it has had on your income?

Over this year there have been many people who have felt they needed to rethink their strategy or completely hold off on retirement because of the effects the virus has had on their industry and indeed the global economy. It’s not just in the UK either, with worldwide plans thrown into disarray mostly from individuals who have not sought the advice and guidance of independent financial advisors Cheshire.

Around 15% of people over the age of 50 and working believe that delaying is the option for them, whilst around 26% are expecting to have to work a full or part-time basis ongoing due to virus complications to their plans. Overall, those planning on a delay to their retirement are expecting an extra three years working service with a further percentage expecting to delay up to 5 years.

No doubt, the virus has played its hand on the retirement plans of those 50+ still working. The key factor of the decisions of those working longer is the effects of the financial impact it has dealt them over personal choice.

With around 18% planning a change to their targeted retirement age, a further 20% that had not accessed their pensions prior to the pandemic has now taken money out of their pension or are considering doing so. Those self-employed have been dealt with an even bigger portion of the effects with 40% in total having to restructure their retirement plans, most likely delaying it completely.

The overall impact on plans to retire has seen its biggest setback being in the strain on household income, which has led to an overall imbalance on perceived achievement on successful retiring. However, with a lot of people feeling this impact has a disastrous effect on retiring comfortably, it is important to understand the many options that can be implemented in your retirement plan to avoid delaying or forgetting about them by talking with independent financial advisors Manchester.

With ever-growing employment uncertainty and an unstable financial market around you at every step, it is easy to feel a lot of concern about the ability to retire successfully. Those who have been affected financially by furlough or pay decreases can benefit from being financially reviewed before making any changes to their plans to fully map out their options.

Whilst this may be a period of unrest and uncertainty, Haven IFA have your best interests covered to present and guide you to a better understanding of how to navigate and adapt to this challenging time. Contact us today to discover a new map to the same destination.