Research indicates that individuals over the age of 50 who left employment during the pandemic are experiencing a notable decline in financial well-being compared to other retirees.
According to findings from the Institute for Fiscal Studies (IFS), approximately 48% of individuals who retired during the period of 2020-2021 are presently facing relative poverty.
These retirees are encountering reduced prospects of pension benefits and are reporting lower levels of overall well-being in comparison to their counterparts.
The IFS report suggests that factors stemming from the pandemic, including disruptions in regular work patterns and perceived health risks, may have compelled a significant portion of this demographic to opt for early retirement.
In addition, the research highlights that individuals within the age bracket of 50 to 70 who exited the workforce within the initial year of the pandemic are encountering less favorable retirement circumstances in contrast to those who retired even just a year prior, indicating a lack of financial comfort in their retirement.
Learn more from this BBC News Article.
