Revealed: the nine biggest threats to retirement

25th February 2021 by RetireEasy

A new report from insurance specialists British Seniors has revealed the biggest threats to the nation’s retirement plans – with Covid-19 right at the top.

In fact, more than three quarters (77%) of those aged over 50 believed it will directly impact their ability to retire.

Their “State of Retirement Report” reveals that nearly one in five (17%) of over 50s have needed to plunder their retirement savings early due to the financial impact of the pandemic, with more than a third (38%) believing they will consequently struggle financially in retirement.

The average delay to retirement as a result of Covid-19 was two and a half years.

Some 34% of the over 50s surveyed had less than £50,000 in pensions savings, with the same number (34%) also carrying some level of non-mortgage related debt.

So, those biggest threats to retirement among over 50s:

  • Impact of coronavirus – 57%
  • High living costs – 35%
  • Not being able to save – 32%
  • Lack of pension growth – 27%
  • Poor savings rates – 25%
  • High cost of care – 9%
  • Lack of job security – 8%
  • Needing to support family – 6%
  • High property costs – 4%

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