The latest SimplyWise Index found that 62% of Americans are more concerned about their retirement today compared to a year ago–up from 56% this May.
This may be due to COVID-19-related unemployment and economic uncertainty which, like the pandemic itself, have disproportionately affected minorities and older workers.
Key report findings included:
- Half of Americans believe they will outlive their retirement savings.
- 80% of Americans in their 50s could not last more than a year off their savings.
- 24% of people are planning to tap their 401(k) today. (41% for those laid off due to COVID-19.)
- 72% now plan to work in retirement. (Up from 67% in May.)
- One in five Americans in their 60s have been laid off or furloughed due to COVID-19.
- 67% of White Americans are currently making what they made prior to COVID-19. (vs. just 50% of Hispanic Americans, 45% of Black Americans.)
- 63% of Black Americans could not come up with $500 cash today without selling something or taking out a loan. (vs. 35% of White Americans.)
- 48% of Black Americans and 43% of Hispanic Americans could survive less than a month on savings. (vs. 33% of White Americans).
- Half of Americans say another stimulus check is very important to their finances.
- 72% of Americans (83% of Democrats vs. 60% of Republicans) believe a recession will continue into the next year.
The study was conducted as an online, random sample survey of 1,128 Americans ages 18+ between July 3-6, 2020 to understand the current environment for retirement today.
It is part of SimplyWise’s ongoing efforts to support Americans’ retirement decisions.
The company has been working with people throughout the coronavirus pandemic, offering, free of charge, its Social Security calculator and services to avoid having to visit Social Security offices.
“In these difficult times, staying informed about new policies and educated on the benefits you’re owed, whether they are earned, spousal or survivor benefits, can help maximize hard-earned savings and income.
Even in today’s uncertainty, you can arm yourself with the options to ensure your future planning remains on track,” says Sam Abbas, CEO of SimplyWise, a fintech that empowers better decisions for modern retirement.
For more information, visit www.simplywise.com