Retirement Confidence Index
The pandemic has altered the lives of every American. Despite buoyant markets, millions of Americans faced unprecedented financial hardship caused by COVID-19. It has upended what work, income, and employment opportunities look like, as well as retirement. It has eaten into savings, forced people into debt, and created unprecedented levels of housing instability. And while the rollout of vaccinations gives some hope, continued lockdowns coupled with the change of power in Washington and current political unrest are causing many to continue feeling uncertain about the future. Yet certain populations, including seniors, people of color, and lower income Americans, have been disproportionately impacted both by the virus itself and the instability in its wake.
The bi-monthly SimplyWise Retirement Confidence Index, running since May 2020, tracks evolving American confidence around savings and retirement. The latest Index polled 1,029 citizens ages 18+ between January 8-10, 2021, and found that concerns over retirement finances and savings remain high—yet vary considerably across income, race, gender, and even political party. The survey explored how citizens are approaching savings, Social Security, and retirement, especially given the recent election and worsening situation around COVID-19.