The COVID-19 pandemic has been taking a toll on Americans’ retirement plans, according to a new Nationwide Retirement Institute survey of more than 2,000 adults aged 18 years and older.
More than a third of Americans (38%) say their retirement plans have been affected by the pandemic. Most commonly, respondents said they will have to retire later than planned (19%) or won’t be able to retire at all (10%). In addition, although many retirees receive Social Security as a source of retirement income, survey results showed that COVID-19 has adults across generations (61%) even more worried than before about Social Security running out of funding.
“Americans are facing complex retirement scenarios as a result of the COVID-19 pandemic and market volatility,” said Tina Ambrozy, senior vice president of strategic customer solutions at Nationwide.