Millions of over 50s are forced to work into retirement since their savings pot is empty.
MILLIONS of Britons are being compelled to work into retirement age since their “savings pot” has run dry due to the COVID-19 pandemic’s issues.
Millions of Britons have been affected financially as a result of the COVID-19 pandemic, with elderly workers being particularly hard hit. As a result, many people over the age of 50 will be forced to work well into their retirement years.
Indeed, due to financial pressures caused by the epidemic and the necessity to financially support struggling family members, it appears that three million over-50s will retire later than intended.
According to recent study from financial services firm OneFamily, persons over the age of 50 will have to delay retirement by four years on average in order to recover from the financial impact of the epidemic.
Furthermore, an eighth (12%) of those who stated they are likely to need to retire late expect to do so seven years later than planned.
According to OneFamily, the issue is that many over 50s have recently seen a loss in their savings or investments. According to study, more than one-third of people (36%) lost money in the last 18 months, with savings falling by £2,000 on average.
Men’s savings and investments were hit harder than women’s, with men losing over £260 more than women. When looking at other age groups, individuals in their 60s have also seen a financial downturn, losing over £170 on average, compared to those in their 50s.
Meanwhile, 6% of over-50s feel their pension worth has fallen over the same time period.
Money was also tighter in the last 18 months as people in their 50s and 60s assisted close family members who were in need. One-seventh (17%) of people say they used their funds to aid family who were hard struck by the pandemic.
One in ten over-50s who haven’t yet retired (10%) say they would consider utilizing equity release to access the value of their home if it meant they could retire sooner. Meanwhile, more than a fifth of this group agrees that additional financial guidance for saving and later-life finances would be beneficial.
According to the findings, certain regions should be avoided. “Brinkwire News Summary.”