Retirement: Man ‘may never retire’ & faces mortgage until age 75 due to coronavirus crisis

Retirement: Man ‘may never retire’ & faces mortgage until age 75 due to coronavirus crisis

“Assuming the house prices ever recover, we could sell-up and move out of London but that again, that’s surrendering our passion for the music – where we can just jump on a train and be at a gig within 45 minutes.”

With their worst case scenario for their mortgage now a reality, it’s impacting plans for retirement.

“I don’t think I’m ever going to retire now,” he says.

Chris and his partner had been hoping to retire in their early 60s, enabling them to travel more.

While their plans for retirement have changed, their attitude towards this time of life hasn’t. “We’re going to be resolutely as young as we can,” Chris shares.

“If it means we’ve got to keep working to finance that lifestyle, those life choices, then that’s what we’re willing to do.”

It seems Chris isn’t alone in thinking he’ll need to delay his retirement plans.

New research by Legal & General Retail Retirement suggests that 1.5 million workers aged over 50 will delay their retirement as a direct result of the COVID-19 pandemic.

The survey found that 15 percent of people over 50 and in work are set to delay retirement by an average of three years, while just over a quarter (26 percent) expect to keep working indefinitely, due to the coronavirus crisis.

However, Legal & General Retail Retirement suggests that people – particularly those who have been furloughed or seen a pay decrease – could benefit from a financial review to assess their options before changing their plans

Chris Knight, CEO of Legal & General Retail Retirement said: “The financial impact of the COVID-19 pandemic seems to be particularly pronounced for people aged over 50 who are still in work.

Published at Sat, 06 Jun 2020 03:01:00 +0000