Here’s some good news for the senior housing industry: Despite the ongoing pandemic, 75% of retirees say their confidence in their ability to maintain a comfortable lifestyle through retirement has stayed the same. That’s according to a study released Friday by the nonprofit Transamerica Center for Retirement Studies.
The findings are based on an online survey of more than 500 U.S. adults who self-identified as being retired and aged more than 50 years. The data were gathered between June 18 and 22.
In looking at participants’ financial situations, the survey found indicators that many may be unable to withstand or recover from a major financial setback. Three in four respondents, however, said their confidence in their ability to retire comfortably hadn’t been changed by the effects of the pandemic. More than half said they would rely on savings if their finances become negatively affected by COVID-19.
In addition, amid the COVID-19 recession, retirees most frequently cite paying off some form of debt, including paying off credit card debt, mortgage, other consumer debt, and/or student loans, as a financial priority. One in three retirees cite “building emergency savings” as a current financial priority
“Retirees, in some ways, may be more resilient in this economic downturn than employed workers,” said Catherine Collinson, CEO and president of TCRS. “Most have guaranteed income in the form of Social Security and access to health insurance coverage through Medicare.”