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A third of Americans plan to retire later due to Covid-19, study finds

John Lund / Marc Romanelli Getty Images

Contents

Pension savings are disrupted

To see also :
Can Biden increase taxes? Arm yourself with the Roth IRA  MoneyWise.com

Savings women suffer

The so-called secession is ready to worsen the already existing financial gap between the sexes. Read also : Why Stocks Aren’t Always Best Held in a Roth IRA.

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.

See the article :
Increasing the value of your retirement investment  PaymentsJournal

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. To see also : Forced to withdraw from retirement accounts? – The Willits News.

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.