The dots may not connect perfectly but the disruptions caused by the COVID pandemic have many mature or older people rethinking their retirement plans.
A study of this group conducted for CIBC shows that a significant percentage believes the pandemic will cause them to work longer, undermine some of their plans and will no doubt require the development of a new vision of what retirement will look like. This is especially true for people who saw themselves doing a lot of travelling after hanging up the gloves.
But there have also been some Ah-Ha moments. 20-percent of those surveyed, for example, said the pandemic reinforced the need for more emphasis on proper financial planning. At the same time, a quarter said they have not been able to contribute to a retirement plan through the pandemic so they will continue working.
And, those who had planned to downsize, are now questioning that choice, worried that this may be the wrong time to sell a house. Yet, all the numbers in the real estate market show the exact opposite….that houses are selling briskly and prices remain strong.