The upheaval caused by the Coronavirus pandemic has spurred many over 55s to change their retirement plans with 22% aiming to bring forward their retirement date.

In contrast 13% want to delay retirement, according to new research from employee benefits company Wealth at Work.

The research backs up a number of recent studies which suggest the pandemic has had a significant impact on many clients’ retirement intentions, with some opting to retire earlier than planned while others want to work longer, often to make up for retirement contribution shortfalls.

While the pandemic has caused a re-think for many just over one in ten (11%) have had to delay retirement as they can no longer afford to retire, according to the survey of 1,320 adults carried out by Vital Research for Wealth at Work in June.

Overall 54% said the pandemic had made no difference to their retirement plans, 22% said it had made them want to retire “as soon as I can”, 13% said the pandemic had made them want to delay their retirement as they enjoyed working, 11% said they had to delay retirement because, “I can no long afford to retire” and 4% said the threat of redundancy meant they had to consider early retirement. Some 1% had other views.

Jonathan Watts-Lay, spokesman for Wealth at Work, said: “The pandemic has clearly affected people’s retirement plans in different ways. Whilst it has given some a new perspective on life and they can’t wait to retire, others have realised that they enjoy working and aren’t ready to give it up.

“However, there are also those who have to work longer due to affordability, perhaps as a result of their savings taking a hit due to reduced household income or a fall in the value of their pensions and investments.