Lockdowns impact over 70s’ pension pots

New figures have revealed that after a year of shielding due to COVID-19, the number of over 70s who are working has increased by six per cent since last year.

At the start of the pandemic, those in this age category still working had fallen to 452,000, as older workers listened to government advice and remained at home, now this figure has risen to 481,000 as 2021 nears its end.

Many older employees tend to be actively working in sectors that made remote working impossible, such as social, health and retail industries. This inability to work amidst the government lockdown has put a considerable strain on their personal finances, especially those who have lower pension savings prior to the outbreak.

The average pension pot here in the UK currently stands at £62,000. This is substantially lower than the amount estimated that a person needs to retire comfortably. Statistics show that couples require £155,000 and singles about £192,000.

A shortfall in savings and pensions can have severe consequences on a person’s standard of living. Events such as the pandemic may well lead to individuals needing to continue working with part-time employment status into their retirement in order to boost the income they receive.

Savers looking for assistance with retirement planning in Chester, London and other major cities often look to wealth management firms for support. Wealth managers can help their clients with a complete assessment of their financial situation and help them plan for the future with expert guidance.

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