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March 14, 2024 at 11:33 AM
In the post-pandemic era, many Americans are now planning for a nontraditional approach to retirement, according to a study released Tuesday by Fidelity Investments.
Two-thirds of study participants, and 73% of millennials, say the pandemic made them more intentional about focusing on their personal passions and dreams for retirement.
“Americans are approaching their ‘golden years’ with more intention and opportunity than ever before,” Rita Assaf, vice president of retirement products at Fidelity Investments, said in a statement. “As more people rethink retirement, with new goals such as living abroad or starting a business, it’s important to consider the potential impacts to their Social Security, Medicare and taxes.”
Assaf said Fidelity is seeing a growing understanding of the value in creating a retirement plan and mapping out a strategy early.
A majority of respondents expressed confidence about retiring when and how they want. But concerns still remain.
The survey found that more than half of Generation Z and millennials believe they will have a harder time saving for retirement than their parents did because of the higher cost of living.
On a more optimistic note, retirement savers noted that recent legislative changes have made saving easier, in particular the Setting Every Community Up for Retirement Enhancement (Secure) 2.0 Act as it relates to employers helping their workforce save for retirement while paying down student debt and building up emergency savings.
In fact, a third of Gen Zers said their employer could leverage the new legislation to help them save more for retirement by making a matching retirement contribution when they make their student loan payments. In addition, a third of both millennials and Gen Zers said it will help them save more for retirement while building up emergency savings.
This legislation has also added tax credits for small businesses offering retirement plans, including benefits for their employees who participate.
Big Village conducted a national online survey in mid-December among 2,014 adult financial decision makers who own at least one investment account.
See the gallery for 10 views on post-pandemic retirement planning.
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