Two in five over 55s take early retirement since start of the pandemic

Mark Battersby
clock • 3 min read

More than two in five (43%) UK adults aged 55-66 years old have chosen to take an early retirement since the beginning of the pandemic in March 2020, according to new research from Canada Life. This acceleration in plans could have a significant impact on a generation of savers as analysis from Canada Life shows accessing pensions before state pension age would on average reduce a pension pot by 59%.  For example, someone who saved from age 20 till age 55, earning £25,000, could have built a pension pot of around £117,468 at a contribution rate of 8%. However, if they continued to sav...

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