According to a new survey conducted by the Retirement Planning Council of Ireland (RPC ), 57% of pre-retirees have adapted their retirement plans after the Covid-19 pandemic.
32% of those surveyed are now considering retiring early, while 25% plan to postpone their retirement plans. The survey was carried out amongst participants of the RPC’s ‘Planning for Retirement’ courses in late 2021 and early 2022.
Respondents were asked whether they would consider delaying retirement or retiring early in the wake of the pandemic. Those who decided to defer retirement cited remote working flexibility, as well as limited travel opportunities, as the main factors influencing their decision.
The desire to retire early was driven by factors such as changes in the working environment and work-related stress caused by the pandemic. On a more positive note, respondents also expressed how lockdowns made them realise the value of spending time with family and friends outside of work, influencing their decision to retire early.
The majority of participants (73% ) also agreed that lockdowns during the Covid-19 pandemic provided some insight into what retirement might be like, which may also be a driving factor for pre-retirees who have changed their plans. When asked what lessons they had learned during the pandemic that might help them to better prepare for their retirement, pre-retirees emphasised the value of social interaction and everyday routine.
“Over the past two years, our course participants have spent more time at home, and this has provided a great sense of what retirement might be like for the first time. For many, this impacted their decision on retiring early or indeed postponing their retirement for some time.
For some people, Covid-19 lockdowns made them realise that they are now ready for retirement. For others, they may have realised that they are not ready to leave full time employment or have not adequately planned for retirement, and they need extra time,” Laura Farrell, CEO of the Retirement Planning Council of Ireland, said.
The Retirement Planning Council offers a hybrid blend of virtual and live delivery of the holistic, pre-retirement courses, using an eLearning platform, RPC Learn, as well as in-person sessions offered in various locations across the country.
