COVID-19 has changed society in so many years, with the issue of retirement a prime example, according to a new study.
The data from a poll of more than 2,000 people by Melbourne-based profit-to-member superannuation fund Equip found:
- 26 per cent of people surveyed said the coronavirus has impacted their plans for retirement;
- 11 per cent stated COVID has stalled their plans for retirement, with those closest to retirement age being the least optimistic their working days are drawing to a close;
- 15 per cent of people aged 55 and over say they’re pushing their plans for retirement back, with 46 per cent by four to five years;
- 15 per cent also intend to bring their retirement forward in the wake of the pandemic; and
- 30 per cent said they do not feel they’ll be able to control when and how they begin winding down their working life (for example, going part-time).
With inflation rising above wage increases, 33 per cent of people aged 55 and over said they have less disposable income now than they did in 2020.
“Purse strings have been tightened due to the rising cost of living and the fallout from COVID. It’s not surprising that this pressure is causing some retirement plans to be revised,” said Scott Cameron, Equip CEO.
“Retirement is one of the most important stages in a person’s life. We all have different ambitions for our retirement, but for most of us, it’s a time to enjoy the simple pleasures in life. Quality time with family, travel and pursuing hobbies that full time work doesn’t usually allow for.”
COVID has turned so many people’s lives upside down. When will it end?
