NEW YORK, Nov. 23, 2020 /PRNewswire/ — The November 2020 SimplyWise Index found that 59% of all Americans are more concerned about their retirement today compared to a year ago. Other key findings from the bi-monthly report included:
- 71% of Americans 70+ are now concerned about Social Security running out – up from 29% in July.
- 43% of Social Security beneficiaries now worry about outliving their savings in retirement.
- 47% of Americans experienced an attempted Social Security scam in the last 3 months.
- 19% of people in their 50s now plan to work full-time in retirement (up from 8% in May).
- Nearly half of people laid off or furloughed due to COVID-19 saved $0 for retirement in the last year – up from 27% in September.
- 29% of 401k holders are now planning to withdraw early from that account to pay the bills – a pandemic high.
- 34% of Americans are now planning to change their investment strategy to keep more in cash accounts.
- 56% of Americans are willing to risk getting COVID in order to work, including 35% of seniors (60+).
- 94% of Democrats vs. 63% of Republicans are willing to follow a national mask mandate if instituted.
The bi-monthly study was conducted as an online, random sample survey of 1,090 Americans ages 18+ between November 8-10, 2020 to explore sentiment about savings and Social Security, particularly given the recent election and worsening COVID-19 numbers. It is part of SimplyWise’s ongoing efforts to help Americans maximize savings and retirement benefits, particularly given COVID-closures of Social Security offices.
«You need to do what is right for your personal financial situation to get through these challenging times,» says Sam Abbas, CEO of SimplyWise, a savings fintech. «But given today’s uncertainty, it’s more important than ever that when you’re back on your feet, you prioritize organizing your finances, understanding what you’re owed in earned, spousal or survivor benefits from Social Security, and investing in your future.»
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