Tags: Coronavirus | retirement | finances | stocks

Poll: COVID-19 Delays Retirement Plans for 30% of Americans

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By    |   Wednesday, 24 June 2020 01:01 PM

Some Americans say coronavirus has them rethinking their plan for retirement, USA Today reports.

With unemployed Americans dipping into savings accounts to get through the economic downturn amid the pandemic, the newspaper reports some Americans say they are reevaluating their retirement.

According to the Wells Fargo/Gallup Investor and Retirement Optimism Index released Wednesday, employed investors say coronavirus will force them to put off retirement.

Poll results show:

  • 30% of employed investors say it’s very or somewhat likely they will delay their retirement as a result of the recent economic recession.
  • 29% of employed investors say they think they will work more than they intended in their retirement.
  • 32% report that the economic disruption caused by the coronavirus has had a negative impact on their day-to-day financial security.

“I already felt like I was playing catch-up with retirement. There’s a fear of what the future holds and an overwhelming sense of doom with the pandemic,” Jennifer White told the newspaper.

White, 47, is the director of education abroad at Eastern Kentucky University. While she has been working from home, the virus put a halt on the school’s study abroad programs. 

“Universities all over the country are experiencing lower enrollment, so it’s going to be devastating for higher education,” she said, adding her plan to retire at 60 may no longer be possible.

"Folks are worried that they'll have to delay retirement to offset recent stock market losses," Dan Barry, regional president at Wells Fargo Advisors, told USA Today. “But market downturns are inevitable. If folks are concerned, they should stay the course and rebalance their portfolio because markets have proven over time that it pays off to remain invested.”

The survey, conducted from May 11-17, was exclusively provided to USA Today. It surveyed 1,076 adults with stocks, bonds or mutual funds of $10,000 or more. The margin of error is plus or minus 5 percentage points.

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Some Americans say coronavirus has them rethinking their plan for retirement, USA Today reports.
retirement, finances, stocks
Wednesday, 24 June 2020 01:01 PM
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