How the pandemic is leading to changes in future retirees’ plans…

1) Take Control Of Your Retirement Plans

Have you ever stopped and taken a moment to think about how long your retirement could last?

If you haven’t, you are not alone, but hopefully you won’t also fall into the 20% of men or 35% of women who will be relying on the State Pension to fund their retirement, as they haven’t contributed to a Private Pension.

According to the Office for National Statistics (ONS) average life expectancy in the UK (2017 to 2019) was 79.4 years for males and 83.1 years for females. With the average age of COVID-19 deaths currently stated as 82 years, at the moment, these numbers are unlikely to be significantly affected.

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So if there is a good chance you are going to live longer, will your current pension provisions support the kind of lifestyle you want during your ‘golden years’? (FYI, for the financial year 2020/21 the minimum state pension is £175.20 per week, or £9,110.40 per year.)

Sadly, unless you take control now and start to put more money aside, for many the answer will be no.

2) Staggered Retirement

Retirement is no longer considered an ‘age’ related thing and it is becoming more common for people to stagger their retirement.

And this isn’t just a money thing, for many transitioning from working a five day week to not working at all is a daunting prospect. Taking a part time, flexible approach instead can prove beneficial for general health and well being.

If you have an option to work reduced hours and initally use any cash savings or other income sources to support you financially, it can make a big difference to the length of time your pension will last. Remember though, it’s important to make sure any untouched pension savings are performing at their best, generating growth above inflation in readiness for a time when you start drawing on them.

3) Flexible Retirement Income

Pension rules have evolved significantly over the last 5 years giving you greater choices when it comes to drawing your pension at or over the age of 55.

For example ‘Flex-Access Drawdown‘ usually allows you to take up 25% of your pension pot as a tax-free lump sum. The rest of the pot is then re-invested to provide you with a regular taxable income.

You need to plan carefully though and undergo regular reviews, keeping an eye on how well your investment fund(s) are performing. The funds you choose should be aligned to both your income objectives and your attitude to risk.

4) Delaying Retirement

As many as 1.5 million workers aged over 50 are considering delaying their retirement plans as a direct result of the coronavirus pandemic.

Here are 5 reasons to delay taking your pension:

  • Your pension has longer to grow

  • You can maximise your investment potential before moving to safe assets

  • Your employer will keep topping up your pension

  • You’ll continue to receive tax relief on pension contributions until age 75

  • Delaying your State Pension can boost your payments

If your income has been affected by the pandemic, now is a good time to find out how it has impacted your ability to retire and the options available to you by booking a financial review.

5) Retirement Wealth Check

Pension Planning - Contributions

Take control of your retirement plans by conducting a ‘Retirement Wealth Check’:

  • Review your spending habits – do you have scope to save a little more each month?

  • Look up your annual benefit statements; have you contributed to more than one employer’s pension scheme?

  • If you decided to contribute more to your work pension plan, will your employer match your contributions?

For more wealth check tips, download the full Post-Covid Retirement Planning Guide using the form below.

Special Guide - Post Covid Retirement Planning


These are just 5 things to think about when it comes to retirement planning. The latest TT Wealth special guide “Post Covid-19 Retirement Planning” goes into greater detail. To download a copy, complete the simple form above.

Remember, when it comes to making financial decisions, you don’t have to go it alone. To speak to an experienced Financial Advisor, contact Tony Thomas on 07585 592494 or