How the Pandemic Is Affecting Retirement Confidence: EBRI
April 28, 2020 by Ginger Szala
Most Americans are very or somewhat confident about having enough money to live comfortably throughout their career, or at least they were before the rise of the coronavirus pandemic, found the 2020 Retirement Confidence Survey by the Employee Benefit Research Institute and Greenwald & Associates.
A subsequent survey done at the end of March showed some erosion of confidence, especially for those workers who had lost jobs due to the pandemic, which might be a harbinger of things to come.
Although the 2020 January survey found 69% of workers very or somewhat confident of financial security in retirement, that number dropped to 63% in late March. For those already retired, the pandemic didn’t seem to matter, as the very or somewhat confidence level was down slightly to 76% in March from 77% in late January. However, in 2019, that number for retirees was 82%.
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