What You Need to Know
- The study is a partnership of Age Wave, Edward Jones and the Harris Poll.
- Millions of Americans who stopped saving for retirement in 2020 have resumed doing so, according to the researchers.
- Retirees said health, family, purpose and finances are key to optimal well-being.
The coronavirus pandemic has caused 32% of Americans who intend to retire to delay their plans, according to the latest Age Wave study, produced in partnership with Edward Jones and The Harris Poll.
Eleven percent said they expect to retire earlier due to the pandemic.
Researchers surveyed 2,042 U.S. adults ages 18 and older in late March, including 616 retirees and 335 pre-retirees who were 50 and older and planning to retire. The study follows two similar surveys conducted in 2020 — one done in May through early June and another in early December — and is designed to be a representative sample of the population. Results were weighted where necessary to bring them into line with actual proportions in the population.
Age Wave estimated that 69 million Americans plan on delaying their retirement, down from 80 million in December.
During the pandemic, millions of Americans stopped their monthly retirement savings contributions, but those numbers, too, declined between year-end 2020 and March 2021, from 22 million to 14 million, according to the Age Wave Report.
In addition, the pandemic, which has killed nearly 600,000 Americans, reduced the overall life expectancy of Americans by one year, from 78.8 years in 2019 to 77.8 years, but the decline was close to two years for Latino Americans and three years for Black Americans, according to the study, which cites a February 2021 report from the National Center for Health Statistics.