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Contents
Pension savings are disrupted
Approximately 14 million Americans have stopped contributing to their pension accounts each month since March, the survey found. Read also : Roundup: Social Security and Inflation News for Financial Advisers.
That is an improvement over December, when 22 million people said they had paused their retirement savings.
Savings women suffer
The so-called secession is ready to worsen the already existing financial gap between the sexes. Read also : Here’s the Average Tax Refund 2021 and How To Spend It.
Only 41% of women say they save for retirement every month, compared to 58% of men.
Meanwhile, the gap between confidence in retirement savings between the sexes has widened. The study found that 56% of men before retirees say they are confident in their retirement savings, compared to 40% of women. Although confidence has improved, it has not yet reached pre-pandemic levels since January 2020, when 61% of men and 54% of women said they were safe in their retirement savings.
Retirees feel the negative effects
The survey also found that the pandemic had a more negative impact on retirees compared to retirees, 44% versus 22%. respectively. On the same subject : 4 ways to put extra savings to work.
Retirees fared better because they could rely on Social Security and Medicare. At the same time, 78% own their own homes.
Health care costs, including long-term care, are consistently ranked first in retirement care before retirees, with 66% in May 2020 and March 2021.
A call for financial awakening
Of those surveyed, 61% of retirees said they wanted to plan their retirement jobs financially better.
Overall, 70% of Americans said the pandemic was a call for a financial awakening that forced them to pay more attention to their long-term monetary plans.
Meanwhile, Americans ’financial confidence seems to be returning, with 57% now giving an A or B rating for their finances, up from 50% in May 2020.
Retirement aspirations are difficult
Despite the challenges of austerity, many Americans are still hoping for their golden years.
Of those surveyed, 56% said they saw retirement as a new chapter in life, while 21% said it was time to rest and relax.
