Americans delaying retirement due to pandemic hardships, study finds

Local News

ROCKFORD, Ill. (WTVO) — The pandemic created financial hardships for millions of families, and long term impacts are now being seen. That includes hesitancy to retire.

Savant Wealth Management said 68% of survey respondents said they would need to work longer as a result of the pandemic. Meanwhile, 70% of people plan on working in some form even after retiring from their career, such as picking up an odd job or passion-driven work.

Experts say the world of retirement is rapidly changing.

“I think we are going to be hopefully, coming at this as an industry from both ends, and encouraging, you know, clients and legislators and industry participants to make changes,” said Rob Morrison, Chief Strategy and Innovation Officer for Savant.

Despite hesitancy, nearly a third of people surveyed want to retire before the age of 60.

CORRECTION: An earlier version of the story misidentified the survey respondents as clients of Savant Wealth Management.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Latest News Video

Trending Stories