Here's what’s happened to Americans’ retirement confidence in the pandemic:
By contrast, 67% of other workers feel they’ll have enough to live comfortably in retirement, which is stunningly similar to the percentage of U.S. workers surveyed in 2019 and 2018 and what EBRI has heard since it started doing the annual survey in the early 1990s.
An economic yardstick known as The Money Anxiety Index soared by 10.5 points in March, only the second time in 50 years it rose over 10 points in a month . “In March, people were still talking about how [COVID-19] will go away,” said Copeland. If EBRI surveyed them in April, Copeland said, more respondents would be worried about the pandemic’s potential effects on their retirement.
than compared with what they expected when they first retired. When retirees were asked in January, only 14% said they were spending more to help family members than they’d anticipated. Companies including La-Z-Boy, Sabre, Marriott and Macy’s are already either suspending their matches on employees’ 401 contributions or delaying paying them. More than 20% of major companies suspended 401 matches after the 2008 financial crash.
Especially now, when things look more precarious for many of us than they did six months ago. As Horton said: “The pandemic is creating chaos. Everyone wants to know what to do next.”She and her financial-planning tag team mom offer this advice for retirement planning during the pandemic:By that, they mean, be sure you have a will and that it’s up to date. Also, draft advance directives to give someone authority to make medical or financial decisions for you if you can’t.
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