Comfy retirement still on track for most Americans despite pandemic – survey | #retirement | #elderly | #seniors
Not everyone, however, escaped the pandemic unscathed, with 30% of workers reporting lower confidence in being able to save, due to reduced hours or pay or other job changes. Almost 40% of workers reported their households experienced some type of negative job or income change since Feb. 1, 2020, according to the survey findings.
“The group that was most likely to have their ability to save impacted were those that were more likely to have low confidence historically, such as low income, not married, or having a problem with debt,” Mr. Copeland said in the news release.
Most workers with access to workplace retirement plans left their plans untouched with just 31% changing their contribution levels or investments. Of the 31% that made changes, 58% increased the amount they contributed, 22% decreased their contributions and 23% stopped contributing altogether. One in 5 changed their investments.
Though 84% of workers with access to workplace retirement plans were satisfied with their plans, 31% said they would like more investment options available, up significantly from 22% in 2020. Almost 1 in 4 (24%) indicated they would like more investment options designed for post-retirement.
The 2021 survey of 3,017 Americans was conducted online Jan. 5-25. It included 1,507 workers and 1,510 retirees.