A new survey shows baby boomers — those aged 57-75 — have their financial future on their minds, and it’s all because of the COVID-19 pandemic.
Over half of American boomers are worried they’ll never be able to retire due to financial strain from the pandemic, according to a non-scientific poll from CNO Financial Group.
The company’s Center for a Secure Retirement asked 2,567 people in that demographic what their financial situation looked like because of the pandemic — and for many, it’s not good.
Forty-one percent of respondents said they’ve had to financially support other members of their family during the crisis. Of those, 75% said their own retirement savings have taken a hit.
For the 2,200 people in that group who haven’t yet retired, 61% said the pandemic made them realize they’ll need more money to hang it up at work for good.
As for plans when — or if — that day comes, these pre-retirees have changed their priorities. Prior to COVID-19, 56% of those thinking about retirement used to say financial stability was “non-negotiable” once they leave work.
Now, however, that number has dropped to 35%.
Instead, 43% now say their priority in retirement is spending time with family and their grandchildren. Thirty-four percent say being active in their retirement is a top priority; 30% say being able to travel is at the top of their list. Twenty-five percent say living close to family is now their top priority.
Interestingly, the survey also showed that women have fared better financially than men amid the pandemic: 61% say they’ve been able to tuck away dough for their retirement, compared to just 26% of men.