Is America Worried About Retirement? Yes!

Other findings included:

• One in five of those surveyed could not last more than two weeks off their savings.
• 72% now plan to work in retirement (up from 67% in May)
• 58% of those in the workforce are making what they were making prior to COVID-19 (67% of white respondents, 50% of Hispanic respondents and 45% of Black respondents said this)
• One in five in their 60s have lost their jobs or been furloughed due to COVID-19
• 24% are now planning to tap their 401(k) (including 41% of those laid off due to COVID-19)
• 63% of Blacks surveyed could not come up with $500 in cash today (without selling something or taking out a loan).
• Half of those surveyed say another stimulus check is very important to their finances; only 12% believe it isn’t important at all
• 72% (83% of Democrats vs. 60% of Republicans) believe a recession will continue into next year

The study also found that whereas 12% of white Americans surveyed had lost their jobs or been furloughed, 20% of people of color said the same.

Another discriminator is age: Those in their 60s may find it difficult to be rehired, usually for health or discrimination reasons. In fact, whereas 25% have had income reduced due to COVID-19, the unemployment rate that “appears higher for seniors may be indicative of companies looking to cut those with higher salaries and potentially greater insurance costs.”

— Related on ThinkAdvisor:

• Kotlikoff Weighs In: Should Cash-Strapped Seniors Claim Social Security Early?
• 50 States of CDC COVID-19 Hospitalization Data
• 3 Investment Strategies to Ride Out the Pandemic