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Finance & Economics

Americans changed financial plans for retirement due to pandemic

Jun 25, 2020

Two in five Americans say the COVID-19 pandemic has impacted their retirement plans

retirees

Americans changed financial plans for retirement due to pandemic. Source: unsplash.com

According to a survey, 35% of retirees didn’t consider how taxes would affect their retirement income when planning for retirement. Therefore, a third of them express regrets wishing they had better prepared for paying taxes in retirement.

As to the major concerns in retirement among current and future retirees, 61% of them are worried about health care costs.

Meanwhile, 57% and 55% are worried about the impact of market volatility and inflation on retirement income, respectively. 48% are afraid of not having enough money to cover unplanned medical expenses.

While we are all adjusting to our new environment, it's difficult to gauge what could happen in the future, such as where the stock market is headed or what the impact of inflation will be in ten years. Therefore, consumers should focus on what they can control: building a strong financial plan that accounts for the unexpected, as well as optimizes tax strategies. By taking the right steps to plan for taxes in retirement, retirees can help offset potentially negative impacts to their retirement income
Eric Henderson, president of Nationwide's Annuity business

The data has also found that 41% of American retirees are currently reevaluating their retirement plans to assess the financial impact of COVID-19.

We’ve reported that 7 out of 10 Canadian women over 45 are confident they will afford the lifestyle they want to live through retirement.

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