Sunday, 25 February, 2024

COVID-19 Increasing Retirement Concerns


Reading Time: 2 minutes

A national survey finds that Millennials and Generation X are more worried about retirement as compared to older generations. 64% of Millennials and 54% of Generation X are more concerned about their retirement security in the wake of the COVID-19 pandemic. The level of concern is at 42% for Baby Boomers and 25% for the Silent Generation.

“Generation X and Millennials are the first two generations that largely will enter retirement without a pension, so it’s not surprising that their anxiety is higher,” said Dan Doonan, National Institute on Retirement Security (NIRS) executive director.

“Millennials and Gen X have lived through multiple economic downturns and decades of stagnant wages. Couple that with longer life spans and rising health and long-term care costs, and it’s easy to understand their pessimism. Going forward, it will be critical for policymakers to find ways to strengthen our retirement infrastructure so these generations can be self-sufficient in their older years,” Doonan said.

The research finds strong support for pensions and Social Security, both of which provide stable and predictable income that lasts through retirement. Most Americans across generational lines see the value of increasing contributions to Social Security, and the highest support for expanding Social Security is among Millennials (61%).

Similarly, pensions are viewed favorably by all generations, with Millennials expressing the highest favorability (81%). There is broad agreement that all U.S. workers should have access to a pension to ensure financial independence in retirement.

This research also finds:

  • Across generations, most of those who are concerned about the impacts of the pandemic plan to delay their retirement.
  • There is generational agreement that the U.S. faces a retirement crisis, with Millennials and Generation X most pessimistic about retirement.
  • There is broad support across generations for Social Security, including support for increasing contributions and expanding benefits.
  • All generations have favorable views of defined benefit pensions, along with a wide agreement that pensions are better than 401(k) plans for providing retirement security.

Edited by Maryssa Gordon, Senior Editor, Price of Business Digital Network

0 comments on “COVID-19 Increasing Retirement Concerns

Leave a Reply

Your email address will not be published. Required fields are marked *

VIDEO: This Week’s Best of our Network

GDPR Compliance

DBJ does not collect data on its visitors.

USABR: Nationally Syndicated Radio Distribution

Contact

Contact  articles@usabusinessradio.net
for more information on articles on this site. bmuyco@usabusinessradio.net for all other information.

Kevin Price’s “New Rich” Book Ready for Pre-order for 99 cents!

The Price of Business Visits with Robert Kiyosaki on 20 Years of “Rich Dad Poor Dad”

The author of the best selling finance book of all time celebrates its 20th anniversary in a series of interviews with Kevin Price on the Price of Business.

Adventures in Quora with Kevin Price

Kevin Price, Editor at Large of Daily Business Journal and host of the nationally syndicated Price of Business show writes frequently at Quora about issues ranging from politics to personality types. His favorite answers are also found at USA Business Radio.

#METOO REHAB

The Best in News and Thoughtful Commentary

All the News. All the Time

PMWorld 360

Archives

NONE OF THE OPINIONS IN DAILY BUSINESS JOURNAL SHOULD BE CONSTRUED AS BEING THOSE OF DAILY BUSINESS JOURNAL

For more information regarding content, see the About page.

Recent Comments

    RSS
    Follow by Email
    YouTube
    YouTube
    LinkedIn
    LinkedIn
    Share