COVID-19 Derails Retirement Contributions

Oct 9, 2020 / Amanda Chase, Horsesmouth Assistant Editor

For many Americans, saving for retirement is a luxury they simply cannot afford right now. Although investing for the future is essential, COVID-19 has left millions across the U.S. concerned more about the present as they struggle to cope with record unemployment and unprecedented economic uncertainty. In the second annual FinanceBuzz retirement survey, we look at how the coronavirus is impacting retirement goals, as well as how much Americans are able to save during these turbulent times.

Key findings include:

  • 27% of Americans have decreased or stopped contributing to retirement savings due to COVID-19.
  • 21% of Americans haven’t started saving for retirement yet—including 45% of Gen Z and 20% of millennials.
  • 38% of Gen X and 35% of millennials have “no idea” how much they need to save for retirement.
  • Millennials cite student loan debt (44%) and credit card debt (39%) as roadblocks to saving for retirement, while 37% of Gen Xers also say credit card debt is getting in their way.
  • 26% of Americans would be willing to quarantine for an additional 6 months if it meant an earlier retirement.

Find more results, including graphs, at FinanceBuzz.com.

 

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