One Out of Three Americans Plan to Delay Retirement Due to Pandemic, New Study Says

·2 min read
GrapeImages /
GrapeImages /

A new study confirmed what many had suspected would happen after COVID-19 swept through the United States, which is that the pandemic might cause a large percentage of Americans to delay their retirement plans.

See: Jaw-Dropping Stats About the State of Retirement in America
Find: The 5 Most Important Changes to Your Retirement in Congress’s New ‘Secure 2.0’ Bills

The study, called “The Four Pillars of the New Retirement: What a Difference a Year Makes,” was released by Age Wave and Edward Jones this month. It found that roughly one out of every three Americans planning to retire think they will now retire later due to the pandemic.

Among the study’s conclusions is that the pandemic “has reshaped retirement.” This was borne out in the fact that as of March 2021, about 69 million Americans said the pandemic “has altered their retirement timing.” That number represents a decline from the peak of 81 million Americans in December 2020.

The results came from three tracking surveys conducted between May 2020 and March 2021. The most recent poll, conducted in March, included 2,042 adults ages 18 and up.

See: Retired or Retiring and In Debt? Here’s How to Manage It
Find: How Long $100K in Retirement Will Last in Every State

Among the other key findings:

  • As of March, about 14 million people said they had stopped contributing to their retirement accounts, down from 22 million in December 2020.

  • Only 41% of women say they are saving each month for retirement vs. 58% of men.

  • About 44% of pre-retirees said they were negatively impacted by the pandemic compared with 22% of retirees.

  • Sixty-one percent of retirees said they wish they had done a better job of planning financially for retirement.

See: Retirement Planning Steps You Aren’t Taking Now, But Should
Find: 35 Retirement Planning Mistakes That Waste Your Money

As Forbes noted last week, a separate study conducted by the Society of Actuaries found that the Covid-19 pandemic had a very mixed financial impact on Americans, with those who suffered a significant employment disruption likely to feel a bigger pinch on their retirement savings.

According to that study, about 40% Millennials and 30% of Gen Xers and Late Boomers have changed or are considering changing when they plan to retire, with about 60% of these people delaying retirement. Millennials, Gen Xers and Late Boomers also said that they expect to retire at a median age of 65.

Meanwhile, around two-thirds of Early Boomers believe they are on track for a financially secure retirement compared with nearly 60% of the younger generations.

More From GOBankingRates

This article originally appeared on One Out of Three Americans Plan to Delay Retirement Due to Pandemic, New Study Says

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting