UK business affected by retirement uncertainties

An elderly person with one hand on their head looking sad

A recent report has put a spotlight in the present state of retirement in Britain, and its impact on business activity across the country.

The new research has revealed that for many UK workers, decisions regarding retirement are burdened with confusion, anxiety and indecision. However, it also finds that these factors are now negatively affecting businesses in Britain.

According to the report, the coronavirus pandemic and the financial uncertainty that followed it have resulted in far greater insecurities about retirement. For example, 23 per cent of workers have now adjusted their planned retirement date in recent months, with 18 per cent postponing it to a later date.

UK employees curious about the earliest date they can retire at often talk to experts in retirement planning in Chester, Sheffield and other UK cities. As holistic financial advisors, wealth managers offer a wider range of services, and this includes assessments and assistance with retirement plans, helping clients to calculate when it is viable to cease their working life.

The research also uncovered that professional people nearing retirement age were even more likely to have shifted their retirement goals and adjusted their plans. It found that 36 per cent of employees who were aged 55 or over have changed the date set for their retirement, with 32 per cent stating they had deferred it.

A total of 9 per cent of respondents confirmed they were experiencing uncertainty about their future. Those from this group aged 55 and over delaying their retirement commented that the reason for their move was because it was not affordable at present.

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