Survey: Pre-retirees are adapting retirement plans

57% of pre-retirees have adapted their retirement plans after the Covid-19 pandemic, a new survey has found.

32% of those surveyed are now considering retiring early, while 25% plan to postpone their retirement plans.

The survey was carried out amongst participants of the Retirement Planning Council of Ireland (RPC) Planning for Retirement courses in late 2021 and early 2022.

Respondents were asked whether they would consider delaying retirement or retiring early in the wake of the pandemic.

Those who decided to defer retirement cited remote working flexibility, as well as limited travel opportunities, as the main factors influencing their decision.

The desire to retire early was driven by factors such as changes in the working environment and work-related stress caused by the pandemic.

On a more positive note, respondents expressed how lockdowns made them realise the value of spending time with family and friends outside of work, influencing their decision to retire early.

Most participants (73%) also agreed that lockdowns during the Covid-19 pandemic provided some insight into what retirement might be like, which may also be a driving factor for pre-retirees who have changed their plans.

When asked what lessons they had learned during the pandemic that might help them to better prepare for their retirement, pre-retirees emphasised the value of social interaction and everyday routine.

Laura Farrell, CEO of the Retirement Planning Council of Ireland said: “Over the past 2 years, our course participants have spent more time at home, and this has provided a great sense of what retirement might be like for the first time.

“For some people, Covid-19 lockdowns made them realise they are now ready for retirement,” Ms Farrell added.