In the best of times, retirement isn’t easy.
The coronavirus has only unsettled people even further.
The personal finance app Personal Capital surveyed retirees and full-time workers in May. More than a third who were planning to retire in 10 years said the financial fallout from Covid-19 means they’ll delay.
Nearly 1 in 4 current retirees said the impact has made them likelier to return to work. Before the pandemic, 63% of American workers told Personal Capital they felt financially prepared for retirement. In its current survey, that number has dropped to 52%.
According to recent research from the Transamerica Center for Retirement Studies, 23% of currently employed or recently employed people said retirement hopes have dimmed because of the coronavirus pandemic.
“Who knew at the beginning of 2020 when our country was facing historically low unemployment rates that things could change so quickly?” asked Catherine Collinson, the center’s CEO and president.
Post time: May-28-2020
