Presented by Paystrubmakr.com By John Wolf and Tom Cullen CPA
The COVID-19 pandemic has an impact on people’s many factors of life.
One factor is retirement; people changed the way they think about retirement.
The study from Age Wave and Edward Jones finds that about 1 out of every 3 Americans planning to retire now say that will happen later due to Covid.
Age Wave and Edward Jones tell us that they found that 1 out of 3 Americans is rethinking retirement differently than before the Pandemic. Post-Pandemic, Retirees Overwhelmingly Report Purpose as Key to a Successful Retirement, Edward Jones and Age Wave Research Finds
More About Finance and retirement:
Three trucking surveys show that the Coronavirus pandemic made about 70 million Americans change their minds about their retirement timing.
People changed their approaches to retirement in three crucial ways.
Retirement savings Shaken by COVID-19
Lock-ups and losing income in March caused 14 million Americans to stop contributing to their retirement accounts. After that, in December, it was 22 million people that could not contribute to their pension funds.
The financial Alarm broke up.
61% of retirees wished they had saved more in their Pension funds, while 70% think that the pandemic served them as an alarm for the future. They said that they would pay more attention to the long-term financial plans for retirement.
In May 2020, only 50% were thinking that they did well in their finance.
Strong Retirement aspirations
Despite savings challenges, many Americans still have big hopes for their golden years.
Despite the pandemic and the economic crisis that came with it, 56% of people see retirement as a new chapter in their life, and 21% think of relaxation time in their life.
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