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Pension savings are disrupted
Approximately 14 million Americans have stopped contributing to their pension accounts each month since March, the survey found. This may interest you : A Young Worker’s Guide to Saving for Emergencies and Investing for Retirement.
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 : Earn Up to $2,000 Just for Saving Money in a Roth IRA | Personal Finance.
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. Read also : How a Roth IRA Can Make You the Millionaire Next Door | Personal Finance.
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.
