{"id":115132,"date":"2021-05-26T15:49:47","date_gmt":"2021-05-26T15:49:47","guid":{"rendered":"https:\/\/fin2me.com\/?p=115132"},"modified":"2021-05-26T15:49:47","modified_gmt":"2021-05-26T15:49:47","slug":"older-americans-are-not-delaying-their-retirement-despite-covid-19-research-shows","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/older-americans-are-not-delaying-their-retirement-despite-covid-19-research-shows\/","title":{"rendered":"Older Americans are not delaying their retirement despite Covid-19, research shows"},"content":{"rendered":"<ul>\n<li>Just 16% of older Americans said they will retire later due to Covid-19, according to research.<\/li>\n<li>Moreover, only 11% of people ages 55 to 75 withdrew extra money from their retirement accounts.<\/li>\n<li>The survey, which was conducted between May and June of last year, could be an early indicator of how this cohort bounced back from the pandemic.<\/li>\n<\/ul>\n<p>The Covid-19 pandemic was an unprecedented shock for many older workers. Even so, most do not plan to delay their retirement dates as a result, according to a report from Pew Charitable Trusts.<\/p>\n<p>In April 2020, the unemployment rate for workers ages 65 and up climbed to 15.6%, the highest rate on record for that cohort. It also created the largest gap on record between that age group and workers ages 25 to 54, who had a rate three percentage points lower.<\/p>\n<p>However, Pew&#x27;s survey has found that a majority of older Americans do not plan to change their retirement plans. Just 16% indicated they will retire later than expected due to Covid-19.<\/p>\n<p>The survey was conducted during the height of the pandemic between May and June 2020 as part of a larger study on retirement planning underway at Pew. Respondents included 1,125 near and recent retirees ages 55 to 75, who have saved at least $30,000 toward retirement.<\/p>\n<p>Admittedly, some older Americans do plan to delay their retirements due to the pandemic. Their likelihood to put off their retirement dates increased with age.<\/p>\n<p>Just 12% of workers ages 55 to 58 said they plan to delay their retirements due to Covid-19. That increased to 17% for those ages 59 to 62; 28% for those 63 to 67; 34% for those ages 68 to 70; and 26% for those ages 71 to 75.<\/p>\n<p>Plans to retire later were not necessarily tied to a lack of savings. Notably, the cohort who had saved $100,000 to $149,999 had the most people who said they plan to delay retirement, with just less than 3 in 10 respondents. That was the highest rate versus both lesser and bigger income brackets.<\/p>\n<p>Meanwhile, about 3 in 10 of respondents who are already receiving Social Security retirement benefits said they plan to retire later.<\/p>\n<p><strong>More from Personal Finance:<\/strong><br \/>Inflation worries? Retirees may want to consider this investment <br \/>How to invest smartly when inflation picks up<br \/>How to get $10,000 in annual tax-free income in retirement<\/p>\n<p>One factor that determines whether retirees reached their anticipated retirement date on time: how much guidance they receive from their employer. Those who had less support were more likely to say they planned to put off their retirements, the report found.<\/p>\n<p>Of note, the survey found that just 11% of respondents who are either working or retired had withdrawn extra money from their retirement accounts amid Covid-19. Of those who did, 64% said it was prompted by an unexpected expense versus 14% who said it was pandemic-related. (Other responses were not broken out.)<\/p>\n<p>The low withdrawal rates may have been helped by the record amounts of stimulus money Americans received through either direct checks or unemployment benefits, according to the report.<\/p>\n<p>The stock market&#x27;s recovery from its March 2020 lows also could have helped older workers&#x27; overall outlook.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/05\/26\/covid-19-did-not-prompt-most-older-americans-to-delay-retirement.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Just 16% of older Americans said they will retire later due to Covid-19, according to research. Moreover, only 11% of people ages 55 to 75 [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":115131,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Older Americans are not delaying their retirement despite Covid-19, research shows - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/older-americans-are-not-delaying-their-retirement-despite-covid-19-research-shows\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Older Americans are not delaying their retirement despite Covid-19, research shows - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Just 16% of older Americans said they will retire later due to Covid-19, according to research. 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