Amidst rising unemployment, low interest rates and shrunken 401(k) balances, more than one-fourth of Americans now plan to postpone their retirement, and four in 10 worry they won’t be able to retire at all. That’s according to a 1,069-person May survey from Simplywise, a retirement income technology company.
The survey explored how Americans of all ages are looking at retirement, Social Security and savings in light of today’s economic crisis. Most Americans believe their quality of life will suffer in retirement, and 67% plan to continue working in retirement to pay the bills.
Growing concerns about retirement come as firms consider more cost-cutting measures, including reductions in employee retirement plan contributions. A recent flash poll of 51 healthcare organizations, conducted by investment firm NEPC, examined the business impact and steps providers are taking to battle the pandemic. The poll found that 43% of these organizations indicated they have already, or plan to, suspend or postpone retirement plan contributions.