New research by Standard Life Aberdeen has discovered that more than a third (37%) of people who are close to retirement have accelerated their plans due to the coronavirus crisis.
The study found that lockdowns, health worries caused by the ongoing pandemic and the threat of job uncertainty were the three main reasons for speeding up retirement.
However, women who are nearing retirement were less likely to feel as confident as their male counterparts that they are financially ready to finish working for good.
The research, included in Standard Life Aberdeen's ‘class of 2021’ report, also found that a third (34%) of women were feeling very confident financially about finishing work compared with two in five men (43%).
It also highlighted how more than a third (37%) of those planning to retire this year were worried about not having enough money to last throughout their later years.
Standard Life Aberdeen also said people retiring in 2021 plan to spend, on average, £21,000 a year in retirement.
The average value of a class of 2021 pension pot was £366,000 - but a third (33%) of those surveyed had less than £100,000 saved.
John Tait, retirement advice specialist at Standard Life Aberdeen, said: "Vast numbers of those retiring this year risk running out of money in their retirement. Retirement is a marathon, not a sprint, and many could be going into it without sufficient preparation or planning.
"Pension pots are without a doubt the most popular option for funding retirement, but it's so important that retirees consider any other savings or assets they can use when deciding whether they can afford to retire or not."
Nearly half (48%) of those surveyed were planning to reduce their usual spending to support themselves in retirement, while a quarter (27%) plan to work part-time to help financially.
One in five (21%) were planning to sell their home or downsize to fund retirement.
The report also found people had apprehensions about retiring during a pandemic.
More than half (51%) were worried about not being able to do things they planned, while two-fifths (43%) were concerned they would not be able to see friends and family.
Three in 10 (29%) had concerns about their pension falling in volatile markets, and nearly a fifth (17%) had seen their income fall over the past year.
Ben Hampton, head of retirement advice at Standard Life Aberdeen, said: "We hope the findings from our research help to inspire tomorrow's generation of retirees, igniting a spark in them to create a plan they can have confidence in for their retirement."
Some 2,000 UK adults who were either due to retire in the next 12 months, or had retired in the past 12 months were surveyed in February 2021.
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